HomeMy WebLinkAboutAnnual Financial Report FY 2018TOWN OF MANSFIELD, MASSACHUSETTS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 3% 2018
Dn the Cover: South Common at sunset
Mansfield Family Fun night.
The Town of
Mansfield, Massachusetts
Comprehensive
Annual Financial Report
For the Year Ended
June 30, 2018
Prepared by:
John F. Stanbrook
Finance Director/Town Accountant
Schedule of the Special Funding Amounts of the Net Pension Liability 87
Other Postemployment Benefits Plan Schedules .......... ........................._..... .. .. ................ 88 "
Schedule of Town's net OPEB Liability and Related Ratios - ............................... ......... 89 - Introductory Section
Scheduleof Town Contributions................ ..........................................................................90
Schedule of Investment Returns........ .... ......,i: .................................................................91
Notes to Required Supplementary Information ........ ..................................... .......::.........92
OtherSupplementary Information................................................................................. _.. .......:.......... 95
Combining and Individual Fund Statements ................................................................ ..................96
Nonmajor Governmental Funds ......................................................................... 97
Nonmajor Governmental Funds — Combining Balance Sheet .................................... ..................98
Nonmajor Governmental Funds — Combining Statement of Revenues, Expenditures and Changes in
FundBalances................:::................................................. ....... ....... ................ 100
Agency Fund
..............................:..................... ........................................................................................ 102 ' ..
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m F 4
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Agency Fund — Statement of Changes in Assets and Liabilities.................. .....x.,.....103
Statistical Section ........ ........ ........................................ .... ..105
Net Position by Component — Last Ten Years............................................. ................106
Changes in Net Position - Last Ten Years....................................... ......... ........: ................107
Fund Balances— Governmental Funds — Last Ten Years.................. ................108
Changes in Fund Balances - Governmental Funds — Last Ten Years.................... .................. ........... .. 109
Assessed and Actual Values of Taxable Property by Classification and Tax Rates - Last Ten Years .......110
Principal Taxpayers — Current Year and Nine Years Ago .................. ....... ......... ...._........111
Property Tax Levies and Collections — Last Ten Years...................... ....... .......:: ................112
Ratios of Outstanding Debt by Type — Last Ten Years..................................... .......... 113 r
Ratios of Outstanding Debt and General Bonded Debt — Last Ten Years ......... ................ 114
Direct and Overlapping Governmental Activities Debt..................
........................................................... 115 _
Computation of Legal Debt Margin — Last Ten Years................................................................................. 116 - Construction photo of our new DPW Complex.
Demographic and Economic Statistics — Last Ten Years................................................ ................ 117
Principal Employers — Current Year and Nine Years Ago...................................................................... 118
Full-Time Equivalent Town Employees by Function — Last Ten Years ..................................................119
Operating Indicators by Function/Program — Last Ten Years...............................................................120 Town of Mansfield, Massachusetts
Capital Asset Statistics by Function/Program — Last Ten Years..............................................................122 Comprehensive Annual Financial Report
For the year ended June 30, 2018
Introductory Section
Town of Mansfield,
sachusetts 1
Comprehensive Annual Financial Report
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Townof Mansfield, Massachusetts 2 Comprehensive Annual Financial Ret,
Letter of Transmittal
December 17, 2018
Town of Mansfield
6 Park mow, Mansfield, Massachusetts 02048
Town Manager
Kevin J. Dramas
To the Honorable Members of the Select Board and Citizens of the Town of Mansfield:
State law requires the Town of Mansfield to pVblish at the close of each year a complete set of financial
statements in conformity with accounting principles generally accepted in the United States of America (GAAP)
that are audited in accordance with generally accepted auditing standards by a firm of licensed certified public
accountants.' Pursuant to that requirement, we hereby issue this Comprehensive Annual Financial Report
(CAFR) of the Town of Mansfield, Massachusetts, for the year ended June 30, 2018.
The report is designed to be used by elected and appointed officials of the Town and others who are concerned
with its management and progress such as bond analysts, banking institutions and credit raters. Equally as
important, the design and format of this report is aimed at providing the residents and taxpayers of Mansfield a
more easily readable and, therefore, a more easily understandable financial report.
This report consists of management's representations concerning the finances of the Town of Mansfield.
Consequently, management assumes full responsibility for the completeness and reliability of all of the
information' presented in this report. As management, we assert that, to the best of our knowledge and belief, this
financial report is complete and reliable in all material respects. In order to provide a reasonable basis for making
these financial representations, management of the Town has established an internal control framework that is
designed both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable
information for the preparation of the Town's financial statements in conformity with GAAP. Because the cost of
internal controls should not outweigh their benefits, the Town's framework of internal controls has been designed
to provide reasonable rather than absolute assurance that the financial statements will be free from material
misstatement:'
The 'Town `of Mansfield's financial statements have been audited by Powers & Sullivan, LLC, a firm of licensed
certified' public accountants. The goal of the independent audit was to provide reasonable assurance that the
financial statements of the Town of Mansfield for the year ended June 30, 2018, are free from material
misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles used and significant estimates made
by management; and evaluating the overall financial statement presentation. The independent auditor concluded,
based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the Town of
Mansfield's financial statements for the year ended June 30, 2018, are fairly presented in conformity with GAAP.
The independent auditor's report is presented as the first component of the financial section of this report.
The independent audit of the financial statements of the Town of Mansfield was part of a broader, federally
mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The standards
governing Single Audit engagements require the independent auditor to report not only on the fair presentation of
the financial statements, but also on the Town's internal controls and compliance with legal requirements, with
Town of Mansfield, Massachusetts 3 Comprehensive Annual Financial Report
special emphasis on internal controls and legal requirements involving the administration of federal awards.
These reports are available in the Town of Mansfield's separately issued Single Audit Report.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the
financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmitta
designed to complement the MD&A and should be read in conjunction with it. The Town of Mansfield's MDE
can be found immediately following the report of the independent auditors.
Profile of the Government
The Town of Mansfield was incorporated in 1775 and is located in Northern Bristol County, approximately 2E
miles south of Boston and 19 miles north of Providence. Mansfield is bordered by the Towns of Foxborougn
Sharon, Easton, Norton and the City of Attleboro. Mansfield has approximately 21 square miles of land area
127 miles of roadways.
Mansfield is serviced by two major highway systems, Interstate 95 and 495, and a number of secondary
roadways including Routes 140 and 106. Public transportation is available via a commuter rail service statio
from Mansfield to the metropolitan Boston area provided by the Massachusetts Bay Transportation Authority
(MBTA), and a regionalbus service provided by the Greater Attleboro -Taunton Regional Transit Authority
(GATRA).
Mansfield is known for its forward thinking government, committed to quality, responsiveness, and service. l
Town's governing Charter authorizes an Open Town Meeting -Select Board -Town Manager form of governor(
The Town is overseen by a five -member Select Board, elected on an at -large basis for staggered three-year
terms, and is administered by an appointed professional Town Manager. Mansfield's public schools are ove
by an elected five -member School Committee, and administered by an appointed professional Superintendei
There are various elected and appointed boards and committees which have specific responsibilities concen
various aspects of Town governance.
Town Meeting, which is generally unique to New England, serves as Mansfield's legislative body. It offers at
registered voters of the community the opportunity to participate in the major; decisions of the Town. Town
Meeting is facilitated by an elected. Town Moderator. The Select Board appoints a seven -member Finance
Committee, which is responsible for advising Town, Meeting on matters brought before it.
The Town provides a full array of quality services to the general public. These services include: full-time poli
and fire protection; education for grades kindergarten through 12 (three elementary schools, one middle sch(
one high school, and one regional vocational technical high school); street maintenance and snow removal;
waste and recycling; public health and natural resource protection; community planning and development; el
youth, and/or veterans services; full service library; playgrounds, parks, conservation lands, and recreational
programs,The Town operates its own electric department and water supply/treatment/distribution system.
Wastewater services are provided; by a newly; created regional district known as the MFN (Mansfield, Foxbor
Norton) Regional Wastewater District.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered from
broader perspective of the specific' environment within which the Town of Mansfield operates.
Local Economy. Mansfield is home to many, businesses of varying sizes. The Town is known for its diversi
local economy. With its major intersecting highways, active rail line, and proximity to airports in Boston and
Town of Mansfield, Massachusetts 4 Comprehensive Annual Financial R
Providence, Mansfield is a "cross roads' for business. The Town offers a thriving industrial park, active downtown
central business district, and a number of mixed use commercial areas.
Tax Base. Total assessed valuation for the Town increased to $3.7 billion in 2018, reflecting a 2.6% increase
from the 2017 value of $3.6 billion. Property values have stabilized as the Town is no longer experiencing the
declines that occurred following the 2008 recession. The tax base includes over $812 million of commercial,
industrial, and personal property values. The tax levy for 2018 was $61.8 million, which was $29.8 million less
than the levy ceiling. The excess capacity between the tax levy and the levy ceiling can only be accessed by a
voter approved override.
Financial Planning. The Town of Mansfield has maintained a solid financial position, as indicated by its "AA2"
and °AA+" credit ratings assigned by Moody's and Standard & Poor's, respectively. The Town's financial actions
are generally guided by a number of formal financial policies including long range planning tools such as a five-
year Budget Forecast, a five-year Capital Plan, prioritizing spending plans and identifying discretionary spending,
long-term planning for all liabilities including pension and other postemployment benefits, and municipal best
practices, which are reviewed annually atthe beginning of each budget development cycle.
The Town is currently managing approximately $50 million of current and noncurrent long-term debt. This
indebtedness consists of approximately $35 million of governmental bonds and $15 million of enterprise fund
bonds which are self-supporting through enterprise fund revenues. The Town has authorized but unissued debt
of $15 million, primarily targeted for infrastructure improvements and the new East Street Municipal Complex.
An Audit Committee assists the Town Manager with the selection of the independent auditor, oversight of the
audit process, and resolution of audit findings.
Annual Budget. The Town Manager is responsible for preparing and presenting the budget to the Select Board
and the Finance Committee. The Select Board reviews all requests and Town -wide issues and presents
recommended budget to Town Meeting for approval. A seven -member Finance Committee reviews the budget
and makes its independent recommendations to Town Meeting.
The level of budgetary control is established by Town Meeting and this approval defines the level at which
expenditures may not exceed appropriations. This level is typically at the individual department salary and
expense level. The Finance Director/Town Accountant is responsible for ensuring all payroll and invoices are
within the budgetary control level before authorizing payment. Additional or supplemental appropriations may be
approved at subsequent Town Meetings.
Major Initiatives and Highlights
The Town engaged the community to contribute toward development of long-range planning reports. Copies of
these reports may be found on the Town's website.
Strategic Plan. The Strategic Plan includes numerous priorities and strategies for meeting the long-term goals of
Mansfield. Some of these goals included improving the financial base of the community, economic development,
infrastructure improvements, and coordination of municipal and school budget and operational needs.
Operational Review. This report focused on Mansfield's financial and administrative functions, with an emphasis
on streamlining the organization. The Town has created a Finance Department and developed policies and
procedures to guide the Town's financial' operations.
Town of Mansfield, Massachusetts 5 Comprehensive Annual Financial Report
Awards and Acknowledgements
The government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate c
Achievementfor Excellence in Financial Reporting to the Town of Mansfield for its Comprehensive Annual
financial Report (CAFR)' for the year ended June 30, 2017. The Certificate of Achievement is a prestigious
national award recognizing conformance with the highest standards for preparation of a state and local
government financial report.
The preparation of this report would not have been possible without the efficient and dedicated services of the 'r
staff of the Town Manager and the Finance Department. We would like to express our appreciation to all
members of the departments who assisted and contributed to the preparation of this report. Credit must also be
given to the Select Board for their unfailing support for maintaining the highest standards of professionalism in ti
management of the Town of Mansfield's finances.
Respectfully submitted,
Kevin J Dumas
Town Manager
Town of Mansfield, Massi
6 Comprehensive Annual Financial Repo
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Town of Mansfield
Massachusetts
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2417
Executive Director/CEO
Town of Mansfield, Massachusetts 7 Comprehensive Annual Financial Report
Town of Mansfield
Organizational Chart
Setect Board
'11j5poiri
�r; �wnAccounfarr wards.
of Mansfield, Massachusetts 8 Comprehensive Annual Financia
Principal Town Officials
Elected Officials Term Expires
Select Board
Michael Trowbridge, Sr., Chairperson
2019
Jess Aptowitz, Vice -Chairperson
2020
Steve Schoonveld, Clerk
2019
Frank DelVecchio, Select Board Member
2020
Neil Rhein, Select Board Member
2021
School Committee
Kiera O'Neil, Chair
2020
Lynn Cavicchi, Vice -Chair
2019
Linda Fernando
2019
Jennifer Walsh
2021
Lauren Scher
2020
Lily Barnes, MHS Rep non-voting
2019
Appointed Officials
Town Manager
Kevin J. Dumas
Superintendent of Schools
Teresa Murphy
Finance Director
John Stanbrook
Treasurer/Collector
Jacqueline Boudreau
Assessor/Appraiser
Nancy Hinote
Town Clerk
Marianne Staples
Town Counsel
Paul DeRensis
Police Chief
Ronald Sellon
Fire Chief
Neal Boldrighini
Public Works Director
Lee Azinheira+
Electric Director
Joseph Sollecito
Town of Mansfield, Massachusetts 9 Comprehensive Annual Financial Report
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Town of Mansfield, Massachusetts 10
Comprehensive Annual Financial R
Financial Section
Mansfield Fire Department during Parade.
Town of Mansfield, Massachusetts
Comprehensive Annual Financial Report
For the year ended June 30, 2018
Financial Section
Town of Mansfield, Massachusetts 11
Comprehensive Annual Financial Report
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Town of Mansfield, Massachusetts 12 Comprehensive Annual Financial Rei
Powers & Sullivan, LLC
Certified Public Accountants
100 Quannapowitt Parkway
Suite 101
Independent Auditor's Report
Wakefield, MA 01880
T. 781-914-1700
To the Honorable Select Board and the Audit Committee
F. 781-914-1701
Town of Mansfield, Massachusetts
www.powersandsuuivan.com
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business -type
activities, each major fund, and the aggregate remaining fund information of the Town of Mansfield,
Massachusetts as of and for the year ended June 30, 2018, and the related notes to the financial statements,
which collectively comprise the Town's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting, principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance;;',
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the
risks of material misstatement of the financial, statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness, of the entity's internal control. Accordingly, we express no
such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Opinions
In our opinion, the financial statementsreferred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business -type activities, each major fund, and the aggregate
remaining fund information of the Town of Mansfield, Massachusetts, as of June 30, 2018, and the respective
changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance
with accounting principles generally accepted in the United States of America.
13
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis and required supplementary information, as listed in the table of contents, be presented
to supplement the basic financial statements. Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part
of financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context.We have applied certain limited procedures to the required supplementary information in
accordance with auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the information for
consistency with management's responses to our inquiries, the basic financial statements, and other knowledge
we obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to ,
express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise " Q +'S Discussion and Analysis
the Town of Mansfield's basic financial statements. The introductory section, combining and individual fund Management's statements, and statistical section are presented for purposes of additional analysis and are not a required part of
the basic financial statements.
The combining and individual fund statements are the responsibility of management and were derived from and
relate directly to the underlying accounting and other records used to prepare the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. in our opinion, the combining and individual fund statements are fairly
stated, in all material respects, in relation to the basic financial statements as a whole.`'
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of
the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 17, 2018 on
our consideration of the Town of Mansfield, Massachusetts' internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering Town of Mansfield, Massachusetts' internal control over financial
reporting and compliance.
December 17, 2018
14 Town of Mansfield, Massachusetts 15 Comprehensive Annual Financial Report
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Town of Mansfield, Massachusetts 16 Comprehensive Annual Financial Rep(
Management's Discussion and Analysis
As management of the Town of Mansfield, we offer readers of these financial statements this narrative overview
and analysis of the financial activities for the year ended June 30, 2018. We encourage readers to consider the
information presented in this report.All amounts, unless otherwise indicated, are expressed in whole dollars.
The Governmental Accounting Standards Board (GASB) is the authoritative standard setting body that provides
guidance on how to prepare financial statements in conformity with generally accepted accounting principles
(GAAP) for states and local governmental entities. Users of these financial statements (such as investors, rating
agencies and management) rely on the GASB to establish consistent reporting standards for all governments in
the United States. This consistent application is the 'only way users (including citizens, the media, legislators and
others) can assess the financial condition of one government compared to others.
Financial Overview
The assets and deferred outflows of resources of the Town of Mansfield exceeded the liabilities and
deferred inflows of resources at the close of the most recent year by $60.9 million (net position).
At the close of the current year, the Town's general fund reported a fund balance of $14.2 million, an
increase of $771,000 in comparison with the prior year. Total fund balance represents 13.6% of general
fund expenditures.
• The Town implemented GASB Statement No. 75, Accounting and Financial Reporting for
Postemployment benefits Other Than Pensions, during this year. This standard required that the Town's
Net OPEB liability as well as the corresponding deferred outflows of resources be recorded in the
financial statement for the first time. As part of the implementation of this standard net position was
revised at the beginning of the period for both governmental and enterprise funds.
Overview of the Financial Statements
This discussion and analysis are intended to serve as an introduction to the Town of Mansfield's basic financial
statements. These basic financial statements comprise of three components: 1) government -wide financial
statements, 2) fund financial statements, and 3) notes to the financial statements.
Government -wide financial statements. The government -wide financial statements are designed to provide
readers with a broad overview of finances, in a manner similar to private -sector, business.
The statement of net position presents information on all assets, deferred outflows of resources, liabilities, and
deferred inflows of resources, with the difference reported as net position. Overtime, increases or decreases in
net position may serve as a useful indicator of whether the financial position is improving or deteriorating.
The statement of activities presents information showing how the government's net position changed during the
most recent year. All changes in net position are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future periods (e.g., uncollected taxes and earned
but unused vacation leave).
Both of the government -wide financial statements distinguish functions that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business -type activities). The governmental
Town of Mansfield, Massachusetts 17 Comprehensive Annual Financial Report
activities include general government, public safety, education, public works, human services, culture and
recreation, and interest. The business -type activities include the activities of the water, sewer, airport, parking,
and electric light activities.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. Fund accounting is used to ensure and
demonstrate compliance with finance -related legal requirements. All of the funds can be divided into three
categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions reported as
governmental activities in the governmental -wide financial statements. However, unlike the government -wide
financial statements, governmental fund statements focus on near-term inflows of spendable resources as well
as on balances of spendable resources available at the end of the year. Such information may be useful in
evaluating a government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government -wide financial statements. By doing so, readers may better understanc
the long-term: impact of the government's near-term financing decisions. Both the governmental fund balance
sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
The Town of Mansfield adopts an annual appropriated budget for its general fund. A budget to actual schedule
has been provided for the general fund to demonstrate compliance with this budget.
Proprietary funds. The Town maintains one type of proprietary fund.
Enterprise funds are used to report the same functions presented as business -type activities in the government -
wide financial statements. The Town uses enterprise funds to account for its water, sewer, airport, parking, and
electric light operations, all of which are considered to be major funds.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reflected in the government -wide financial statement because the resources
of those funds are not available to support the Town's own programs. The accounting used for fiduciary funds is
much like that used for propriety funds.
Notes to the basic financial statements. The notes provide additional information that is essential to a full
understanding of the data provided in the government -wide and fund financial statements.
Government-wide'Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a government's financial position.
Mansfield's assets and deferred outflows of resources' exceeded liabilities and deferred inflows of'resources by
$60.9 million at the close of 2018, which was`a decrease of $174,000 from the prior year.
Net position includes
improvements, mach
that are still outstand
assets are not availal
sources, since the capital as
Town of Mansfield, Ma
the net investment in capital assets (e.g., land, buildings and building
ent and infrastructure), less any related debt used to acquire those assE
;es these capital assets to provide services to citizens; consequently,;thi
iding. Although the investment in its capital assets is reported net of its
resources needed to repay this debt must be provided from other
selves cannot be used to liquidate these liabilities.
18 Comprehensive Annual Financial Rel
An additional portion of the net: position, $6:3 million, represents resources that are subject to external restrictions
on how they may be used. The remaining balance of unrestricted net position has a year-end deficit balance of
$73.0 million. The primary reason for this deficit balance is the recognition of the $91.7 million Net OPEB liability
and the $34.9 million net pension liability.
At the end of the current year, the Town is able to report positive balances
in two of the three categories of net
position, for the Town as a whole and for its governmental activities.
Its business -type activities report positive
balances in all categories.
The governmental activity and business -type activity components of
the Town are presented on the following
pages.
Governmental Activities. The Town of Mansfield's liabilities and deferred inflows of resources exceeded assets
and deferred outflows of resources for governmental activities by $32.3
million at the close of 2018.
2017
2018 (as revised)
Assets: -
Current assets......................................................... $
43,452,942 $ 56,403,971
Noncurrent assets (excluding capital) ..................................
65,863 1,417,837
Capital: assets, non depreciable ..........................................
23,145,483 14,010,845
Capital assets, net of accumulated depreciation .....................
58,295,316 56,947,102
Total .assets..............................................................
124,959,604 128,779,755
Deferred outflows of resources ............................................
6,606,451 9,019,552
Liabilities:
Current liabilities (excluding debt) ...... .............................
7,913,028 9,472,514"
Noncurrent liabilities (excluding debt) ................................
116,240,962 114,638,944
Current debt .................................. ........................
4,089,922 4,347,435
Noncurrent debt ... ...................................................
34,071,639 36,161,561
Total liabilities...........................................................
162,315,551 164,620,454
Deferred inflows of resources ..............................................
1,583,560 1,983,018
Net position:
Net investment in capital assets....... ......... .............
55,720,620 59,563,385
Restricted....................................................................
2,759,582 2,548,061
Unrestricted.........................................................
(90,813,258) (90,915,611)
Total net position .................... ................................ $
(32,333,056) $ (28,804,165)
Town of Mansfield, Massachusetts 19
Comprehensive Annual Financial Report
Business -type Activities. The Town of, Mansfield's assets and deferred outflows of resources exceeded
2017
2018 (as revised)
Program Revenues:,
Charges for services .................................................... $
8,131,491 $ 7,816 849
Operating grants and contributions ...................................
33,880,503 33,070,579
Capital grants and contributions ......... .............................
1,299,304 2,634,349
General Revenues:'
$ 27,026,802
Real estate and personal property taxes............ ............
61,651,786 57,523,819
Motor vehicle and other excise taxes ..................................
4,419,684 4,475,359
Nonrestricted grants and contributions ...... ........................
2,917,931 2,791,041
Unrestricted investment income .........................................
544,633 240,340
Other revenues . ':......................................................
47,761 240,422
Total revenues::.......................................................
112,893,093 108,792,758
Expenses.,
1,765,049
General government ........ ......... ............... .......
5,631,771 5,265,290
Public safety... .................. ..............................................
16,868,958 18,664,418
Education......' .......... ............. ..................... .......
83,067,968 78,795,840
Public works .::.. .....:......... ........... ....................
7,614,297 7,744,835
Human services ........`.'::......................................
1,025.510 1,126,036
Culture and recreation....; ..........................................
1,754,828 1,592,928
Interest ......... ................................................
1,103,931 546,995
Total expenses..........................................................
117,067,263 113,736,342
Excess (Deficiency) before transfers .....................................
(4,174,170) (4,943,584)
Transfers ........: ........ . ........................ ...........
645,279 643,488
Change in net position........................................................
(3,528,891) (4,300,096)
Net position - beginning of year, as revised ...........................
(28,804,165) (24,504,069)
Net position - end of year ..... ........................................ $
(32,333,056) $ (28,804,165)
The governmental expenses totaled $117.1 million of which $43.3 million
(37%) was directly supported by
program revenues consisting of charges for services, operating and capital grants and contributions. General
revenues, totaled $69.6 million, primarily coming from property taxes,
motor vehicle excise, payments in lieu of
taxes, and non -restricted state aid.
17,775,205
The governmental net position decreased by $3.5 million during the current year as a result of several offsetting
factors. Governmental net position increased due to the receipt of $1.3
million of capital grant revenues primarily'
through the Commonwealth's Chapter 90 highway improvement program.
Net position decreased as a result of
the recognition of $3.7 million of'expense ,in the current year as a result
of an increase in the net OPEB liability.
Net position also decreased due to depreciation expense exceeding principal payments on long term debt by $1.8
million.
$ 37,018,958
Town of Mansfield, Massachusetts 20
Comprehensive Annual Financial Repor
Business -type Activities. The Town of, Mansfield's assets and deferred outflows of resources exceeded
liabilities and deferred inflows of resources for business -type activities by $92.9 million at the close of 2018.
2017
2018
(as revised)
Assets:
Current assets.. .......................................:.......
$ 29,780,022
$ 27,026,802
Noncurrent assets (excluding capital) ..............................
6,647,690
7,398,101
Capital assets, non depreciable .....1 :................. ......
6,018,430
5,764,358
Capital assets, net of accumulated depreciation ................
82,268,051
82,285,441
Total assets...........................................................
124,714,193
122,474,702
Deferred outflows of resources ...................................
1,765,049
1,462,276
Liabilities:
Current liabilities (excluding debt) ............................. .....
3,120,687
2,833,471
Non-current liabilities (excluding debt) .............................
12,390,149
12,762,428
Current debt... ......................................... _ .................
2,115,986
1,683,674
Noncurrent debt .......................................................
14,880,824
16,496,809
Total liabilities.......................................................
32,507,646
33,776,382
Deferred inflows of resources ..........................................
767,119
310,859
Net Position:
Net investment in capital assets ......................................
71,883,394
70,090,910
Restricted .......................................................
3,545,878
4,390,069
Unrestricted.....:: .. ................................. .............
17,775,205
15, 368, 758
Total net positron ..................................................
$ 93,204,477
$ 89,849,737
Program Revenues:%
Charges for services.... .............................................. ...
$ 35,505,322
$ 37,018,958
Operating grants and contributions .................................
72,699
98,726
Capital grants and contributions .................... ............
485,240
876,909
General Revenues:
Unrestricted investment income .................................
" 3,909
112,113
Total revenues .......................................................
36,067,170
38,106,706
Expenses:
Waters ......... ......1 ................ ................
4,427,968
4,723,551
Sewer.. ........i ...................................................
5,181,129
5,045,866
Airport.: ............................................ .........
662,548
611,727
Parking. ......... ...................... ;...... ............... ...............
609,541
600,604
Electric light ......... ........... ................ ..............
21,185,965
23,560,913
Total expenses .............................................
32,067,151
34,542,661
Excess before transfers ...................................................
4,000,019
3,564,045
Transfers. ........................................................
(645,279)
(643,488)
Change in net position .................................................
3,354,740
2,920,557
Net position - beginningof year, as revised .......................
89,849,737
86,929,180
Net position - end of year .................................................
$ 93,204;477
$ 89,849,737
Town of Mansfield, sfield, Massachusetts 21
Comprehensive Annual Financial Report
i
I�
Business -type net position of $71.9 million represents the net investment in capital assets, $3.5 million is
restricted, and $17.8 million is unrestricted. The Town's business -type activities net position increased by $3.4
million in the current year.
The water enterprise fund net position increased by $358,000 during 2018 compared to an increase of $596,000
in 2017. This difference is related to lower than expected user charges occurring in the current year.
The sewer enterprise fund net position increased by $195,000 during 2018 compared to an increase of $338,000
in 2017. Operating expenses increased by approximately $153,000 during 2018.
The airport enterprise fund net position decreased by $23,000 during 2018 which was what was expected for the
year.
The parking enterprise fund net position decreased by $129,000 during 2018 compared to a decrease of $34,000
in 2017. Parking receipts were down approximately $87,000 or 15% in 2018.
The electric light enterprise fund net position increased by $2.9 million during 2018. This increase in net position
as compared to an increase of $1.6 million in the prior year is largely due to the receipt of surplus funds from
MMWEC utilized to offset purchased power costs.
Financial Analysis of the Government's Funds
As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with finance -related legal
requirements.
Governmental funds. The focus of the Town of Mansfield's governmental funds is to provide information on
near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the
Town of Mansfield's financing requirements. In particular, unassigned fund balance may serve as a useful
measure of argovernment's net resources available for spending at the end of the year.
As of the end of the current year, governmental funds reported combined ending fund balances of $30.4 million,
of which $14.2 million is for the general fund, $7.9 million is for Municipal Projects, and $8.3 million is for
nonmajor governmental funds. Cumulatively there was a decrease of $12.6 million in fund balances from the
prior year, primarily due to the Town incurring $13.7 million of costs associated with the construction of the East
Street Municipal Complex. The majority of these construction costs were financed through long-term debt
proceeds in 2017.
The, general fund is the chief operating fund. At the end of the current year, unassigned fund balance of the
general fund totaled $10.3 million, while total fund balance was $14.2 million. $3.4 million of fund balance has
been committed for capital articles carried forward to the next year, and $538,000 has been assigned for
encumbrances. Total fund balance represents 14% of general fund expenditures; the Town's general fund
increased by $771`,000 in 2018 which was due to favorable budgetary results.
The municipal projects fund decreased by $13.7 million in 2018 which was due to Town incurring construction
costs associated with the new East Street Municipal Complex that were permanently financed through long-term
debt proceeds in 2017.
The nonmajor governmental funds increased by $343,000 in 2018, which is due to a timing difference between
the receipt and expenditure of state and federal grant funds.
Town of Mansfield, Massachusetts 22 Comprehensive Annual Financial Report
General Fund Budgetary Highlights
The original 2018 approved budget for the General Fund authorized $95.3 million in appropriations and other
amounts to be raised, as well as $3.1 million of encumbrances and continuing appropriations carried forward from
the prior year. During 2018 Town meeting authorized $1.6 million of supplemental appropriations including
$935,000 for education related capital articles, as well as $385,000 to fund snow & ice costs.
Capital Asset and Debt Administration
Capital Assets. In conjunction with the annual operating budget, the Town annually prepares a capital budget for
the upcoming year and a five-year Capital Improvement Plan (CIP) that is used as a guide for future capital
expenditures.
Town's investment in capital assets for its governmental and business -type activities as of June 30, 2018,
ousts to $169.7 million (net of accumulated depreciation). This investment in capital assets includes land,
rstruction in progress, buildings and building improvements, machinery and equipment, library books, vehicles,
i other infrastructure. The Town invested $19.4 million for capital asset additions throughout the Town in 2018.
M
ajor governmental capital asset events during the current year include construction of the new East Street
niGipal complex, roadway improvement projects, as well as various equipment and vehicle purchases.
major business -type capital asset events during the current year consisted of improvements to water and
✓er'infrastructure, airport runway improvements, as well as various improvements to the distribution and
feral plant at the Mansfield Electric Light Department.
rt Administration. Outstanding long-term governmental debt as of June 30, 2018, totaled $36.2 million, a
rease of $3.3 million from the prior year. This decrease was entirely due to scheduled principal payments and
xtization of premiums recorded in prior years.
standing long-term debt of the water enterprise fund as of June 30, 2018 totaled $14.9 million, a decrease of
i million from the prior year due to scheduled principal payments and amortization of premiums recorded in
Outstanding long-term debt of the sewer enterprise fund as of June 30, 2018 totaled $1.6 million, a decrease of
$210,000 from the prior year due to scheduled principal payments.
i
Please refer to notes 4, 6, 7 and 8 to the basic financial statements for further discussion of the major capital and
debt activity.
Requests for Information
This financial report is designed to provide a general overview of the Town of Mansfield's finances for all those
with an interest in the government's finances. Questions concerning any of the information provided in this report
or requests for additional financial information should be addressed to the Finance Director, Town Hall, 6 Park
Row, Mansfield, Massachusetts 02048.
Town of Mansfield, Massachusetts 23 Comprehensive Annual Financial Report
Town of Mansfield,
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fassachusetts 24
Comprehensive Annual
Basic Financial Statements
Town of Mansfield, Massachusetts 25
Comprehensive Annual Financial Report
Town of Mansfield,
This page intentionally left blank.
3ssachusetts 26
Comprehensive Annual
STATEMENT OF NET POSITION
1,268,876
1,268,876
43,928
JUNE 30, 2018
43,928
i
-
119,000
553,471
76,227
Pnmary Goverment
l
4,731,493
Governmental
Bus ness type
6,313,553
91,655,209
Activities
Aarvitles
Total
ASSETS
27270,973
177,583,574
162,315,551
- CURRENT:
194,823,197
Cash and cash equivalents... ` .........
......... $ 34,449,915
$ 20.654,964 $
55,104,879
Investments- ..... ...................................................
4,407,728
-
4,407,728
Receivables,net a allowance fn II tbl s
estateReal
property
Iraextaxis.
StI.114
541,114
.---- .....
27S
Mo OrTasle
veh-a tlrN .._.
....... 2N,374
-
294,374
Usercha.es..................... _-................................
-
6142,698
6,142,695 i
Departmental and other.... ..........
708,575
-
708,675
Intemovemmental. ... .......... .........
....._.,. 2543,658
17,188
2,660,846 j
.._
Special assessments ....
.����
32,990
32
Inventory-
-
641,880
641990
880
Cher assets ...... .... ........................
-
158,764
158,764 I
Purchased power advanced deposits ......
...._. -
2131,538
2,131,538
Total current assets ................ ............
......... 43,452,942
29,780,022
II
73,232,964
NONCURRENT
Cash and cash equivalents ...
.. .._ -
4,731,223
4,731,223
MMWEC reserve trust fund
.... -
1,723,847
1,723,847
Receivables net of allowance for uncollectibles
Immgovemmental.... .. ... ....
..... 65,863
104,765
170,628
Special assessments . ... .............. ............
-
75,217
75,217
Investment in Hytlm Quebec.. .. ............ ..
........... -
12,638
12,638
-. Capital assets, nondepreclable ___............
........_.... 23,145,483
6,018,430
29,163,913
Capital assets, net pfaaumulated depreciation.... ._._......._
56,295,316
62,268,051
140563397 ICj
Total noncurrent assets... ........ ...__
........ 81506S@2
94,934.171
176,440,833 f
TOTALASSETS . ._................ _.........
.... 124,959,604
124,714,193
249,673797 I'
DEFERRED OUTFLOWS OF RESOURCES
DeferteE puff. related to pensions .. .......... ......
31558,483
1,076,709
4,635,192
Detailed outflows related to OPER ... ......................
3,47,958
688 340
3,736308
TOTAL DEFERRED OUTFLOWS OF RESOURCES.
...__. 6,606,451
1,765049
6,371500 li
LIABILITIES
CURRENT:
t
Wananispyable....._.___.. ..... ..........
............. 2,163,371
2,352)54
4,516125
Accrued liabilities..____ ..... ... . ........ .............
-
201,845
201,845
Accrued Payroll ............. .____.........._.......__..
4,453,353
54,302
4,507,655
Accmed interest ................_ ._....._...
.._....__ 243.672
192,013
435,685
Capital lea bh atl ns .........
......... 41,637
_
41,637
Dmcg1l closure. ........
17,000
17,000 '1
Compensated absences .... ... .......... ._..................
993,995
319,773
1,313,768
Nates payable .. .... .........
........ 2,000,000
500,000
2,500,000
Bonds payable ..............................
...._... 2,089,922
1.615 ,986
3,705,908
Total current llabilfes. . ......-... ---- ......
......... 12,002,950
5,236,673
17,239 623 7!i
11
Town of Mansfield,
NONCURRENT:
Customer deposits- ..._.._... .. ............. _......
Capital lease obligations .... .............. ..........
Landfill closure ......-- ._._........
Compensated absences......... . ............. _.......
Net pension liability..,.. ............. .............
__.
Net OPEBI bll ty.. ............. .. .. ... ...... ..
..........
Bonds oavable ............ ........_.. ......_.
Total noncurrent Ii.1,11des .........
TOTAL LIABILITIES.............................3............... _.... _.._.
DEFERRED INFLOWS OF RESOURCES
Deferred in0aws related to pensions.. ..::..............__..
NETPOSITION
Net investment In capital assets::....... . ..........
ResNaed for
Depreciation ......... ..:_.` ...........
Permanent funds.
Expandable- ....L '_..........
Gifts and grants
Jnrestdclad....
TOTAL NET POSITION--
see
OSITION .
See .we be basic flnanasl stater,
Massachusetts
-
1,268,876
1,268,876
43,928
-
43,928
119,000
-
119,000
553,471
76,227
629,698
30,182,907
4,731,493
34,914,400
85341,656
6,313,553
91,655,209
34,071639
14,880,824
48,952463
158,312 601
27270,973
177,583,574
162,315,551
32,507.646
194,823,197
1,583,560 767,119 2,350679
55,720,620 71,883,394 127,604,014
- 3,545,878 3,545,878
416,949 - 416,949
132,409 - 132,409
2,210,224 - 2210,224
(96813258) IM5205 (73 038.053)
$ (32333056) $ 93,2W,4T/ $ 60,871,421
27
Comprehensive Annual Financial Report
STATEMENT OF ACTIVITIES
2018
Program Revenues
See notes to basic financial statements.
Town of Mansfield, Massachusetts 28
Comprehensive Annual
(Continued)
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2018
Changes in net position:
Net (expense) revenue from previous page............ $
('-pnoral mvpnnpr
estate and personal property taxes,
of tax refunds payable ..........................
r vehicle and other excise taxes. . ..............
/motel tax ........................... .............
> tax .....................................................
[ties and interest on taxes ........................
lents in lieu of taxes ..............................
is and contributions not restricted to
Governmental
Activities
61,651,786
3,662,245
285,360
472,079
189,725
5,426
Ims................... I ............. 2,722,780
estment income ....................... 544,633
................................... 47,761
................................. 645,279
was and transfers .................... 70,227,074
End of year........ ............................
See notes to basic financial statements.
Government
Business -Type
Activities
Operating
Capital
61,651,786
Charges for
Grants and
Grants and
Ne
Functions/Programs
Expenses
Services
Contributions
Contributions
5,426
Primary Government:
2,722,780
3,909
548,542
-
47,761
'Governmental Activities:
'- General government....:: .._..........
$ 5,631,771 $
249,842 $
560,667 $
-
$
Public safety _.,_. ...............
16,868,958
4,300,550
167,940
-
'I
Education:: ....' ..... ...............
83,067,968
3,226,608
32,842,983
i,
' Public works.............: ._.......
7,614,297
112,957
50,537
1,299,304
Human services............................ ............
1,025,510
40,412
178,029
-
Culture and recreation:;' ...............
1,754,828
201,122
68,853'
Interest.... ........ ...............
1,103,931
-
11,494
Total Governmental Activities ...............
117,067,263
8,131,491
33,880 503
1,299 304 '.
Business -Type Activities:
Water...... ...........................................
4,427,968
4,718,185
63,720
Sewer ............ .. .. .......'.: ............
5,181,129
5,366,837
8,979
Airport........... .......... ...........
662,548
154,049
-
485,240
Parking... ................. ...........
609,541
476,652
-
- I.
Municipal Light ......_ ...............
21,185,965
24,789,599
Total Business -Type Activities ..............
32,067,151
35,505,322
72,699
485,240.
Total Primary Government ...................
$ 149,134,414 $
43,636,813 $
33,953 202 $
1,784,544
$.M
See notes to basic financial statements.
Town of Mansfield, Massachusetts 28
Comprehensive Annual
(Continued)
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2018
Changes in net position:
Net (expense) revenue from previous page............ $
('-pnoral mvpnnpr
estate and personal property taxes,
of tax refunds payable ..........................
r vehicle and other excise taxes. . ..............
/motel tax ........................... .............
> tax .....................................................
[ties and interest on taxes ........................
lents in lieu of taxes ..............................
is and contributions not restricted to
Governmental
Activities
61,651,786
3,662,245
285,360
472,079
189,725
5,426
Ims................... I ............. 2,722,780
estment income ....................... 544,633
................................... 47,761
................................. 645,279
was and transfers .................... 70,227,074
End of year........ ............................
See notes to basic financial statements.
Government
Business -Type
Activities
Total
61,651,786
3,662,245
285,360
472,079
189,725
5,426
2,722,780
3,909
548,542
-
47,761
(3,528,891) 3,354,740 (174,151)
(28,804,165) 89,849,737 61,045,572
$ (32,333,056) $ 93,204,477 $ 60,871,421
Town of Mansfield, Massachusetts 29
(Concluded)
Comprehensive Annual Financial Report
GOVERNMENTAL'FUNDS
BALANCE SHEET
JUNE 30, 2018
alents.. .. .... ............... $
Municipal
General Projects
16,071,649 $ 10,592,084 $
3,459,095 -
Nonmajor
Governmental G
Funds
7,786,182: $
Keceivaoies, net or uncollectibles:
Real estate and personal property taxes ................... 541,114 -
i Tax liens... .. .......--- ............... .... .. 407,278 -
Motor vehicle and other excise taxes ................. 294,374 - -'
Departmental and other ........ ........................ 302,540 - 406,336
Intergovernmental................................................ 1,555,408 - 1154,113>
TOTALASSETS ............. ........ ....... $ 22,631,458 $ 10,592,084 $ 10,295,263:: $
LIABILITIES
Warrants payable .................................................
$ 1,206,705 $
703,690 $
252,976':: $
Accrued payroll........: `.. ......... ...... ..........
4,276,554
5,105
171,694`.
Notes payable............ ".... ..... ... .............
-
2,000,000
-`
TOTAL LIABILITIES .................................................
5,483,259
2,708,795
424,670
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue. ............. .......... ..
._..... 2,937,471
-
r 1,542,628
FUND BALANCES
Nonspendable .......... .............. ...........
-
-
132,409
Restricted..... .... ............ ..............
-
7,883,289
' 8,195,556'
Committed........... ............ ...... .........
3,375,936
-
-`
Assigned................................... ...... ..........
......... 538,087
Unassigned ..... ............. ...............,
10,296,705
-'
TOTAL FUND BALANCES .........................................
14,210,728
7,883,289
8,327965f
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES ............ $ 22,631,458 $ 10,592,084 $ 10295,263. $ 4351'
See notes to basic financial statements.
Town of Mansfield, Massachusetts 30 Comprehensive Annual Financial R
RECONCILIATIONOF THE GOVERNMENTAL FUNDS BALANCE SHEET
TOTAL FUND BALANCES TO THE STATEMENT OF NET POSITION
JUNE 30, 2018
Total governmental fund balances ................................................ ..................... .....
Capital assets (net) used in governmental activities are not financial resources
and, therefore, are not reported in the funds .......... ........... .. ..... .........
Accounts receivable are not available to pay for current -period
expenditures and, therefore, are unavailable in the funds............ ..... .........
The statement of net position includes certain deferred inflows of resources
and deferred outflows of resources that will be amortized over future periods.
In governmental funds, these amount% are not deferred .. ............. ..... .........
In the statement of activities, interest is accrued on outstanding long-term debt,
whereas in governmental funds interest is not reported until due. ..................
Long-term liabilities are not due and payable in the current period and, therefore,
Fare not.. reported in the governmental funds:
Bondspayable ............................ .. ........ ...... ......... .........
Net pension liability ....... .. ..................................... ... ........
Other postemployment benefits....... ......... ... ........... .............. .
Landfill closure : .................. ......... .......... .... _ ............
Capital lease obligations ................ ... ...... _....... .........
Compensated absences . ............. .... .... ....... ...... .......
Net effect of reporting long-term liabilities ............................ .....................
See notes to basic financial statements.
Town of Mansfield, Massachusetts 31
$ 30,421,982
81,440,799
4,480,099
5,022,891
(243,672)
(36,161,561)
(30,182,907)
(85,341,656)
(136,000)
(85,565)
(1,547,466)
(1153,455 155);
$' (32,333,056)
Comprehensive Annual Financial Report
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
RE'
Real estate and personal property taxes,
net of tax refunds.... ......... ............... $
Taxliens ................................................................
Motor vehicle and other excise taxes ..............
Hotel/motel tax. ..................... ......
Mealstax ................................................. ....... -...
Charges for services..... .. .... ...............
Penalties and interest on taxes. ..................................
Fees and rentals .................. ........ ... — .......
Payments in lieu of taxes .............................. ......
Licenses and permits.....` ....... ...............
Fines and forfeitures .................................................
Intergovernmental - teachers retirement. ... ............
Intergovernmental. ..................... .................
Departmental and other .............................................
Special assessments.... ......... .........
Contributions and donations .................................
Investment income:;..::... .. ............
Miscellaneous ...................... ........ .........
TOTAL REVENUES .........................................
EXPENDITURES
Current:
General government. ......... .............
Publicsafety .......................................................
Education... .................. ............... --- .... — ....
Publicworks ............. .......... ...........................
Human services....... ......... ...........
Culture and recreation .........................................
Pension benefits- teachers retirement ......................
Employee benefits............. .......... ....... .............
State and county charges.. .......... ................ ........
Debt service:
Principal............... ................... .........................
Interest. ......................... .........................
TOTAL EXPENDITURES ..................................
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES ...................
OTHER FINANCING SOURCES (USES).
Transfersin ... ............................................... ........
Transfers out..... .......J.................................... ......
TOTAL OTHER FINANCI
NET CHANGE IN FUND BALANCI
FUND BALANCES AT BEGINNIN(
FUND BALANCES AT END OF YE
See notes to basic financial statern
Town of Mansfield, Massachi
I 1
23,327,457
Nonmajor
Total
1
27,1
Municipal Governmental
Governmen
General
Projects Funds
Funds
61,098,812
$ - $
61,098,8
582,997
-
582,9
3,645,365
-
3,645,3
285,360
-
285.3
472,079
-
472,0
-
3,968,291
3,968,2
189,725
-
189,7
1,424,727
-
1,424,7
5,426
-
5,4
1,393,184
-
1,393.1
91,621
-
91,13
11 302 039
5,082,295
11
I 1
23,327,457
-
3,967,595
1
27,1
-
-
1,636,634
1,(
1,317
-
-
-
-
212,049
514,291
-
31,681
47,761
104,382,161
-
9,816,250
114,
2,789,471
11,917,457
546,156
15,;
10,173,503
-
2,100,068
12,�
50,312,449
-
5,877,902
56,'
5,082,295
1,810,558
744,612
7,(
729,013
-
55,626
1,088,526
-
338,536
1"
11,302,039
-
11y�
16,160,339
-
-
16''
1,950,829
-
-
1''.
3,197,000
-
-
3,'
1,281o082
-
-
I.:
104,066,546
13,728,015
9,662,900
127,,
315,615
(13,728,015)
153,350
(13,
963,687
502,920
1;'
(507,840)
(313,488)
RCES (USES)... 465,847 189,432
............... 771,462 (13,728,015) 342,782
5,R ................... 13,439,266 21,611,304 7,985,183
.................. $ 14,210,728 $ 7,883,289 8,327,965 $
32 Comprehensive Annual
645,279
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2018
Net change in fund balances - total governmental funds ... .............................................................
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense.
Capitaloutlay .... ..................... ............. .............. .......................................... .........
Depreciation expense ...................................................................... ...........................
Net effect of reporting capital assets .....................................................................
Revenues in the Statement of Activities that do not provide current financial
resources are unavailable in the Statement of Revenues, Expenditures and
Changes in Fund Balances. Therefore, the recognition of revenue for various
types of accounts receivable differ between the two statements. This amount
represents the net change in unavailable revenue......... ......... ........ .......
The issuance of long-term debt provides current financial resources to governmental
funds, while the repayment of the principal of long-term debt consumes the
financial resources of governmental funds. Neither transaction has any effect
on net position. Also, governmental funds report the effect of premiums,
discounts, and similar items when debt is first issued, whereas these amounts
Dare unavailable and amortized in the Statement of Activities.
Principal payments on capital leases ............ ....... - ........................................................
Net amortization of premium from issuance of bonds..... ......... ....... .. .........
Net change in deferred charge on refunding ............ .................................................. — —
Debt service principal payments ................................ --- ...............................................
Net effect of reporting long-term debt ................................................... .................
Some expenses reported in the Statement of Activities do not require the use of
current financial resources and, therefore, are not reported as expenditures
in the governmental funds.
Net change in compensated absences accrual ...........................................................
Net change in accrued interest on long-term debt ..............................................................
Net change in deferred oufflow/(inflow) of resources related to pensions ................................
Net change in net pension liability ..................................................................................
Net change in deferred outflow/(inflow) of resources related to OPEB .................... ...............
Net change in net OPEB liability ...... .......................................................................... —
Net change in landfill closure ........................................................................................
Net effect of recording long-term liabilities ....................... .......................................
Change in net position of governmental activities...: ..........................................................
See notes to basic financial statements.
15,435,278
(4,952,426)
$ (12,613,771)
10,482,852
(1,192,121)
46,343
150,435
(25,541)
3,197,000
3,368,237
(36,760)
52,257
(2,056,254)
2,110,186
68,152
(3,728,669)
17,000
(3,574,088)
Town of Mansfield, Massachusetts 33 Comprehensive Annual Financial Report
NON
Ct
MI
PROPRIETARY FUNDS.
STATEMENT OF NET POSITION
valents_ ....... ... .......
............ $ 1,328,317 $
Bus nessAype Activities - Enterprise Funds
116,685 $ 589,795 $ 14478,461
Water
Sewer
Airport Parking
Electric Light..
valents_ ....... ... .......
............ $ 1,328,317 $
4,141,707 $
116,685 $ 589,795 $ 14478,461
allowance for uncollectlbles:
2,574
72,809
-
. ..
.... 1,285,160
923,195
- 52,210 3,88196
at .... ..
_ ... -
17.188
31]64,977
ants .. ..............
1,636
31,352
-
:.
... _
_
_ 641,88
..
-
-
- 158.76
................
Jvanced deposits ....... . ..
.. ...
... -
-
- -2131,63
assets ...:. ........... .................
2,615,115
5,113,442
116,685 642,005 2129260
rvalents
193,650
251,354
8,266,201 32;
] ... .... ..
..._ _
_
.354587
its ...:.. ... ._. ....
.... -
137,974
1178534
...... - - 1.723,
ance for uncollectibles
Investment in Hydra Quebec:..... ......... .........
Capital assets, non depreciable.. ......... ---
Capital assets, net of accumulated depreciation..... ........ .........
Total noncurrent assets.... .. ....... .... ...........
DEFERRED OUTFLOWS OF RESOURCES
Deferred cutFlows related to pensions.. ............. ........
Deferred outlaws related to other postemployment benefits ......
TOTAL DEFERRED OUTFLOWS OF RESOURCES.. .....
LWBILITIES
CURRENT:
Warrants payable ......... .. _._......... .................
Accrued liabilities .... ... ...... __--- ........
Accrued payroll ... .. ........ ........
Accrued interest .. .................................. .. .....
Compensated absences ...... .. ..... ....
Notes payable .. .................. .......... ..... ........
Bonds oavable. .... ...... .. ........
Total current liabilities-.- .. .... ..
62,949
41,815
-
1;
2,574
72,809
-
1.268.876
5,360,354
-
107800
-
28.349 ,
31]64,977
8,485,506
8,275354
51,495
331
Net ORES llability- ................. .. ..... _... ........_.
37,210,854
8,600,131
.8,383154
:51495
_40�
13,489,702
1,391,122
39,825,969
13,713,573
8,499,839
693,500
61;
- 95.659
- 5,786711 271
TOTAL LIABILITIES .............. ............
18,660,026
193,650
251,354
8,266,201 32;
1,688
$ 33,169,609 i
199,5F
198,231
1,490,291
3,002
137,974
179,082
_
393,235
449,585
22,343,660
4,690
8,383,154 51,495
34.220.995 71
Restricted for
TOTAL OPERATING REVENUES.........
,:. 4,718,185
87,547
101,277
20,123
=tX?S46
2,
25,883
23,296
Unrestricted...... ._ ...:
5,123
11687,333
168,461
23,552
TOTAL NET POSITION .... ... !.
.... $ 21,401,204 $
0,571,403 $
44,425
113,668
See nates to basicfinancial statements
5.195
Depreciation ..
500,000
-
Town of Mansfield, Massachusetts
8,727
34
1,405,672
210,314
.... 4,067,855
5,123,577
662,548
2231,989
472,107
20,123
32964
:'2,
243,260
NONCURRENT:
1;
Customer deposits _ .. ..... ... ........... .. .......
-
-
1.268.876
Compensated absences ... ..... ... .........
36,977
10,901
-
28.349 ,
Net pension liability ......... ....... ......
... 851,010
7,104,548
- 7,419
-. 2768516 4,
Net ORES llability- ................. .. ..... _... ........_.
2,070,348
2,433,995
- 88,240
:: 7720970 6,
Bonds payable ....._....... ..... .............................
13,489,702
1,391,122
- -
14;
Total noncurrent liabil'rtles....... .._. ........ .:::
.16;448,037
4,940,566
- 95.659
- 5,786711 271
TOTAL LIABILITIES .............. ............
18,660,026
5,412673
20,123 128623
8,266,201 32;
DEFERRED INFLOWS OF RESOURCES
$ 33,169,609 i
Charges for services -MFN.... ........ ......
-
1,490,291
Deferred inflows related to pensions....,....-, ..........
137,974
179,082
- 1,203
448,86D -
NET POSITION
Net investment in capital assets..... ..... _...
22,343,660
6,804,070
8,383,154 51,495
34.220.995 71
Restricted for
TOTAL OPERATING REVENUES.........
,:. 4,718,185
5,366,837
3,
Depreciation.. .... ..
....
-
-
- -
3.645,878 :
Unrestricted...... ._ ...:
(942,476)
11687,333
96,552 515,869
16,416,917 17
TOTAL NET POSITION .... ... !.
.... $ 21,401,204 $
0,571,403 $
8,479,716 $ 568,364 $54183790
$ 93
See nates to basicfinancial statements
27888,570
Depreciation ..
1,118,244
390,120
Town of Mansfield, Massachusetts
8,727
34
Comprehensive Annual Financial R
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
YEAR ENDED JUNE 30, 2018
ill
Business -type Activities - EntaTm a Funds
Water
Sewer
Airport
Parking
Electric Light
Total
OPERATING REVENUES:
Charges for services........... ......... ......
$. 4,718,185
$ 3,875,546
$ 154,049 $
476,652 $
23,944,177
$ 33,169,609 i
Charges for services -MFN.... ........ ......
-
1,490,291
-
-
-
1,490,291
Other operating revenues .. .. ......... _. .........
-
-
-
-
759,905
759,905
TOTAL OPERATING REVENUES.........
,:. 4,718,185
5,366,837
154,049
476,652
24,704,082
35,419,805 VIII
OPERATING EXPENSES7
Cost of services and administration, ...... .....,
2,949,611
4,733,457
202,649
601,414
19,401,439
27888,570
Depreciation ..
1,118,244
390,120
459,899
8,727
1,780,170
3,750560
TOTAL OPERATING EXPENSES........... ...._
.... 4,067,855
5,123,577
662,548
609,541
21,181609
1
31,645,130
OPERATING INCOME(LOSS)............. .......................
�. 650,330
243,260
(508,499)
(132,889)
3,522,473
3,774675
NONOPERATING REVENUES !EXPENSES):
1.
Investment Income...... .-... . ......... ... _.. .......
(687)
755
340
3,501
85,517
89,426
Interest expense.- ........... .. ............ .. .--....-
(360,113)
(57,552)
-
-
(4,356)
(422,021)
Intergovernmental- MCWT debt service subsidy......... ........
- 63,720
8,979
-
-
-
72,699
TOTAL NONOPERATING
REVENUES (EXPENSES) NET ............. .. .. .......
(297,080)
(47,818)
340
3,501
81161-:
(259,896)
INCOME (LOSS) BEFORE CAPITAL
CONTRIBUTIONS AND TRANSFERS ............... ..........
353,250
195,442
(508,159)
(129388).
3,603,634
3,514,779
CAPITAL CONTRIBUTIONS... ............. _............
-
-
485,240
485.240 (..,
TRANSFERS:
Transfers In' _.... _. .. ......... ..................
4,920
-
-
4,920
Transfers out. .......... .. .......... ......-......
_
_
_
(650199)'.
(650199) C.
TOTAL TRANSFERS .... .. .. ................ .........._..
4,920
-
-
(650199).
(645279)
CHANGE IN NET POSITION ... ............ .. ........
358,170
195,442
(22,919)
(129,368)..
2953435
3,354,740
NETPOSITION ATBEGINNING OFYEAR, asrevisetl ..........
21,043,034
8,375,951
8,502,635
697,752
51,230355:
k?
89849737 li..
POSITION AT END OF YEAR.. ... _.......... ..................
$ 21,401,204
$ 8,571403
$ 8,479,716 $
566,364 $
54,183,790"$
iNET
93,204;477
See notes to basic financial statements.
I
n
11
II
Town of Mansfield, Massachusetts
35 -
If
�11
Comprehensive Annual Financial Report
PROPRIETARY FUNDS -
STATEMENT OF CASH FLOWS
Water Sewer Airport Parking Electric Light 1
Receipts from customers and users... ..............---- ... ...
$ 4,782,013 $
3,915,824 $
154,049
$ 471,795 $
24,627997 $
33951,67
Receipts from customers and users -MFN.. ....... .......
-
1,490,291
-
-
149025
Payments to Vendors ......... ......... ...........
(1,947,980)
(3,653,826)
(189,980)
(487,812)
(17,330856)
(236104E
Payments to employees ......-.. ... .._............ ...........
(1,155,075)
(1,061,994)
(1,089)
(110,668)
L2.087,400)
(4.416.
NET CASH FROM OPERATING ACTIVITIES... --- ... - ..............
1,678,958
690,295
(37,020)
(126,685)
5,209,741
7415,28
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES'
'Transfers In :r, :::::.::: .......... ...._....
4,920
-
-
4,92
Tisnsiers out .:1: ..:.:::_...... ...... .................... . .........
_
_
_
(650199)
';65019
NET CASH FROM NONCAPITAL FINANCING ACTIVITIES .. _........
4,920
-
-
.(650199)
(64527
CASH FLOWS FROMCAPITAL AND RELATED FINANCING ACTIVITIES'
Proceeds from she issuance of bons and notes. ... ._......._
50,000
-
-
.1500,00
:Acquisition and construction of capital a ssels:._........ ............
(638,609)
(137,339)
(348,682)
(2,868612)
,(3,993,24
Pnnapal payments on bonds and notes ............. .............
(1,383,557)
(201,334)
-
(1,58489
Nterestexpense.`.................. _.....................................................
(406,829)
(50,820)
-(4358)
:(47200
Capital contributions ......... ... .............. ...... ......
-
-
485,24D
-
k48524
NET CASH FROM CAPITAL AND RELATED FINANCING ACTIVITIES.........
(1,928,995)
(399,493)
136,558
-
(2,872970)
(5,06490
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment income- '- ......... .. .. ...... ..........
(687)
755
: 340
3,502
,85,517
89,42
(Incmasevdemease in MMWEC reserve trust fund.......... _.............
-
-
-
:(27531)
'1(21,53
NET CASH FROM INVESTING ACTIVITIES.. ... _._.... .. ...... ......
(687)
755
340
53,502
'63986
:67,89
NET CHANGE IN CASH AND CASH EQUIVALENTS.... ...........
(245,804)
291,557
99.878
(123183)
1,750558
1,773,001
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR .... ..........
1,574,121
3,850,150
16,807
712.978
17,459,125
23.613,18
CASH AND CASH EQUIVALENTS AT END OF YEAR- .............. ..._.....
$ 1,328,317 $
4,141,707 $
116685
$ 589795 $
19,209683 $
25138678'
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
FROM OPERATING ACTIVITIES:
Operatlng Income (loss). ........ ._....... ................. ...................... .....
$ 650,330 $
243,250 $
(508,499)
$ (132889) $
3,522473 $
3;774,67:
Adjustments to reconcile operating income to net
cash from operating activities:
Oepreciafion:..... ........... ...........................................
1,118,244
390,120
459899
18,127
1,780170
3,75659
Defamed(OuMOWS)flnfOWS related to pension........... ._......---
57,976
75249
-
506
;188609
:322341
Defemed(ouflows)flnllows related to OPER, .......... .... ..........
(110,D29)
(50,264)
-
(1499)
':.(7,061)
:(18885:
Changes in assets and liabilities:
User charges_ ..... .... .-.... ... ............... .......
_ 62,190
(8,197)
-
(4857)
(177892)
.(128751
Special assessments...... _....... ._ .._...... ..........
1,638
31,186
-
'> 32,82+
Intergovernmental .. ......... . . .....................................
-
16,289
-
': 16,28!
InrenlorY................ _- ........... .. ......... ...................
-
-
-
..(71603)
e(71,60
Prepaid expenses . .. .......... ..........
-
(57026)
:.{57,021
Warrants payable........... ---- ....... .. _... .........
(40,629)
58,621
11,580
(5,574)
254,921
:1278911
Accrued payroll ._.. _........... ........: .........
(967)
3,433
-
2,473
-. 4931
Customerdepoets .......... ........................................
-
-
-
-
101,807
+10180;
Compensated absences.......,... ........... .........
10,939
(15,014)
-
861
18,653
': 1543!
Net Pension liablldy. ........ .......................... ........
(59,497)
(77,223)
-
(519)
,(193556)
;(330,79:
Net OPEB Iiablifty ........... ......................... r.::.
(11,237)
22,835
-
6,686
(149754)
.:(13747(
Total adjustments .......... ....a .. ::
1,028,628
447,035
471,479
6,204
1,687,268
3,64061
NET CASH FROM OPERATING ACTIVITIES ..:$
.`.11,678,958 $
690,295 $
(37,020)
$ ry26685) $
5209741 $
7(415,28£
NONCASH INVESTING. CAPITAL AND FINANCING ACTIVITIES
Intergovernmental- MCWT debt service subsidy ..
_. $ 63,720 $
8,979 $
-
$ - $
$
', 72,695
See notes to basicfnancial statements.
Town of Mansfield, Massachusetts 36 Comprehensive Annual Financial Repo
FIDUCIARY FUNDS
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2018
Other
Postemployment
Benefit
Trust Fund
ASSETS
Cash and cash equivalents...... ......... ....... .......... $ 24,107 $
Investments:
Fixed income mutual funds...... ........ 1,833,888
Equity mutual funds..... .............................................. 2,950,555
Daily liquid mutual funds ........ ....... .................. 993,942
Warrants payable......... ... ........... ...............
Liabilities due depositors ............. ..... ... ..............
Other liabilities...... ......... ........... ...............
TOTAL LIABILITIES ... ................... .... .............
benefits .........
)N .............
Town of Mansfield, Massachusetts
37
Private
Purpose Agency
Trust Funds Funds
208,708 $ 750,875
5,802,492 208,708 750,875
14,836
130,940
605,099
- - :.750,875
5,802,492 -
- 208,708
$ 5,802,492 $ 208,708 $ -
Comprehensive Annual Financial Report
FIDUCIARY FUNDS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
YEAR ENDED JUNE 30, 2018
ADDITIONS: '
Contributions:
Employercontributions to the trust .............................................. $
Employer contributions to pay for OPEB benefits. . ....... ................
Private donations............................................................
Total contributions............................. ...... .................. . .......
Net investment income:
Investment income..................................................................
Less: investment expense.......................................................
Net investment income............................................................
TOTAL ADDITIONS..................... ........ ............ .................
DEDUCTIONS:
OPEBbenefits. ................................ ............. ... ........
Educational scholarships.....................................................
TOTAL DEDUCTIONS..........................................................
NET INCREASE (DECREASE) IN NET POSITION .....................
NET POSITION AT BEGINNING OF YEAR ................................
NET POSITION AT END OF YEAR .. .......................... ........
See notes to basic financial statements.
Town of Mansfield, Massachusetts 38
Other
Postemployment
Priv
Benefit
Purp
Trust Fund
Trust F
752,435 $
2,983,873
3,736,308
271,847
(15.264)
256,583
1,009,018
4,793,474
$ 5,802,492 $
Comprehensive Annual
Notes to Basic Financial Statements)
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying basic financial statements of the Town of Mansfield, Massachusetts (the Town) have been
prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
The Governmental Accounting Standards Board (GASB) is the recognized standard-setting body for establishing
governmental accounting and financial reporting principles. The significant Town accounting policies are
described herein.
A. Reporting Entity
The Town was incorporated in 1775 under the statutes of the Commonwealth of Massachusetts (the
"Commonwealth"). The Town is a municipal corporation governed by an elected Select Board.
For financial reporting purposes, the Town has included all funds, organizations, agencies, boards, commissions
and institutions. The Town has also considered all potential component units for which it is financially
accountable as well as other organizations for which the nature and significance of their relationship with the
Town are such that exclusion would cause the basic financial statements to be misleading or incomplete. As
required by GAAP, these basic financial statements present the Town (the primary government) and its .
component units. It has been determined that there are no component units that meet the requirements for
inclusion in the Town's financial statements.
is an organization (resulting from a contractual arrangement) that is owned, operated and
,o or more participants as a,separate and specific activity subject to joint control in which the
ain an ongoing, financial interest or ongoing financial responsibility. Joint control means that no
nt has the ability to unilaterally control the financial or operating policies of the joint venture,
cipates in the following; joint ventures with other municipalities to pool resources and share the
d rewards of providing goods and services to venture participants directly, or for the benefit of the
7r specified recipients.
The Town has entered into'a joint venture for the MFN (Mansfield, Foxborough,, Norton) Regional Wastewater
District along with the Towns of Foxborough and Norton to pool resources and share costs, risks, and rewards of
operating a regional wastewater treatment facility. The District was formed on July 1, 2014, and assessments
from each Community are based on volumes and other criteria from the, Operating Agreement. The. Town of
Mansfield does not have an equity interest in MFN and its assessment for FY2018 amounted to $2,830,228. The
MFN is governed by a seven member board of Commissioners consisting of two appointed representatives from
each Town with an additional member appointed by the Town of Mansfield The MFN issues ±a publically
available financial report that includes its financial statements. That report may be obtained by writing to the
Treasurer of the MFN at 6 Park Row, Mansfield, Massachusetts 02048.
Southeastern Regional Vocational Technical High School (SERSD)
The Town is a member of the SERSD that serves the member students from 10 area communities seeking an
education in academic and technical studies. The members share in the operations of the School and each
member is responsible for its proportionate share of the operational and capital costs of the School, which are
paid in the form of assessments. The Town does not have an equity interest in the School and the 2018
assessment was $814,639. Separate financial statements may be obtained by writing the business manager of
the SERSD at 250 Foundry Street, South Easton, MA 02375.
Town of Mansfield, Massachusetts 39 Comprehensive Annual Financial Report
B. Government -Wide and Fund Financial Statements
Government -Wide Financial Statements
The government -wide financial statements (i.e., statement of net position and the statement of activities) report
information on all of the non -fiduciary activities of the primary government.
Governmental activities, which are primarily supported by taxes and intergovernmental revenues, are reported
separately from business -type activities, which are supported primarily by user fees and charges.
Fund Financial Statements
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even
though fiduciary funds are excluded from the government -wide financial statements. Major individual
governmental funds and major individual enterprise funds are reported as separate columns in the fund financial'
statements. Nonmajorfunds are aggregated and displayed in a single column.
Major Fund Criteria
Major funds must be reported if the following criteria are met:
• If the total assets and deferred outflows of resources, liabilities and deferred inflows of resources
revenues, or expenditures/expenses of an individual governmental or enterprise fund are of leas]
10 percent of the corresponding element (assets and deferred outflows of resources, liabilities
and deferred inflows or resources, etc.) for all funds of that category or type (total governmental
or total enterprise funds), and
• If the total assets and deferred outflows of resources, liabilities and deferred inflows of resources
revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are al
least 5 percent of the corresponding element for all governmental and enterprise funds combinec
Additionally, any other governmental or enterprise fund that management believes is particularly
significant to the basic financial statements may be reported as a major fund.
Fiduciary funds are reported by fund type.
C. Measurement Focus, Basis of Accounting and Financial Statement Presentation
Government ---Wide Financial Statements
The government -wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are
recorded when the liabilities are incurred. Real estate and personal property taxes are recognized as revenues it
the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility
requirements imposed by the provider have been met.
Town of Mansfield, Massachusetts 40 Comprehensive Annual Financial Repor
Notes to Basic Financial Statements Year Ended June 30 2018
The statement of activities demonstrates the degree to which the direct expenses of a particular function or
segment are offset by program revenues:, Direct expenses are those that are clearly identifiable with a specific
function or segment. Program revenues include the following:
• Charges to customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by given function or segment.
• Grants and contributions that are restricted to meeting the operational requirements of a particular
function or segment.
• Grants and contributions that are restricted to meeting the capital requirements of a particular function or
segment.
Taxes and other items not identifiable as program revenues are reported as general revenues.
For the most part, the effect of interfund activity has been removed from the government -wide financial
statements. However, the effect of interfund services provided and used between functions is not eliminated as
the elimination of these charges would distort the direct costs and program revenues reported for the functions
affected.
Fund Financial Statements
Governmental fund financial statements are reported using the flow of current financial resources measurement
focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues
are recognized when susceptible to accrual (i.e., measurable and available). Measurable means the amount of
the transaction can be determined and available means collectible within the current period or soon enough
thereafter to pay liabilities of the current period. Expenditures are recorded when the related fund liability is
incurred, except for unmatured interest on general long-term debt which is recognized when due, and certain
compensated absences, claims and judgments which are recognized when the obligations are expected to be
liquidated with current expendable available resources.
Real estate and personal property tax revenues are considered available if they are collected within 60 days after,
year-end. Investment income is susceptible to accrual. Other receipts and tax revenues become measurable
and available when the cash is received and are recognized as revenue at that time.
Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual criteria
is met. Expenditure driven grants recognize revenue when the qualifying expenditures are incurred and all other
grant requirements' are meta r
The following major governmental funds are reported:
The general fund is the primary operating fund. It is used to account for all financial resources, except those that
are required to be accounted for in another fund.
The municipal projects fund is used to account for financial resources associated with the construction of Town
capital facilities and other ongoing construction projects.
The nonmajor governmental funds consist of other special revenue, capital projects and permanent funds that are
aggregated and presented in the nonmajorgovernmental funds column on the governmental funds financial
statements. The following describes the general use of these fund types:
Town of Mansfield, Massachusetts 41 Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended June 30 2
The special revenue fund is used to account for and report the proceeds of specific revenue sources that are
restricted or committed to expenditure for specified purposes other than permanent funds or capital projects.
The capital projects fund is used to account for and report financial resources that are restricted, committed', or
assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and othE
capital assets of the governmental funds.
The permanent fund is used to account for and report financial resources that are legally restricted to the exten
that only earnings, not principal, may be used for purposes that support the governmental programs,
Proprietary fund financial statements are reported using the flow of economic resources measurement focus
use the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses ai
recorded when the liabilities are incurred.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues
and expenses generally result from providing services and producing and delivering goods in connection with tl
proprietary funds principal ongoing operations. All revenues and expenses not meeting this definition are
reported as nonoperating'revenues and expenses.
The following major proprietary funds are reported:
The water enterprise fund is used to account for water distribution activities.
The sewer enterprise fund is used to account for wastewater treatment activities.
The airport enterprise fund is used to account for municipal airport activities.
The parking enterprise fund is used to account for commuter -rail parking lot activities.
The electric light enterprise fund is used to account for municipal light plant activities.
Fiduciary fund financial statements are reported using the flow of economic resources measurement focus anc
use the accrual basis of accounting. Fiduciary funds are used to account for assets held in a trustee capacity ft
others that cannot be used to support the governmental programs.
The following fiduciary fund types are reported:-
The otherpostemployment benefit trust fund is used to accumulate resources to provide funding for future other
postemployment benefits liabilities.
The private -purpose trust fund is used to account for trust arrangements that exclusively benefit individuals,
private organizations, or other governments. Some of these trust funds have donor restrictions and trustee
policies that do not allow the endowment portion and any unrealized appreciation to be spent. These restriction
and trustee policies only allows the trustees to approve spending of the realized investment earnings. The
Town's educational scholarships are accounted for in this fund
The agency fund is used to account fi'
mainly consists of off-duty work detail:
other governments. Agency funds apr
Town of Mansfield,
d in a purely custodial capacity. The Town's agency fund
withholdings, unclaimed checks, and fees collected on behe
al basis of accounting but do not have a measurement focus
42 Comprehensive Annual Financial Rel
D. Cash and Investments
Government -Wide and Fund Financial Statements
Cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with
an original maturity of three months or less from the date of acquisition.
Investments are carried at fair value. The fair values were determined by the closing price for those securities
traded on national stock exchanges and at the average bid -and -asked quotation for those securities traded in the
over-the-counter market.
E. Fair Value Measurements
The Town reports required types of financial instruments in accordance with the fair value standards. These
standards require an entity to maximize the use of observable inputs (such as quoted prices in active markets)
and minimize the use of unobservable inputs (such as appraisals or valuation techniques) to determine fair value.
Fair value standards also require the government to classify these financial instruments into a three-level
hierarchy, based on the priority of inputs to the valuation technique or in accordance with net asset value practical
expedient rules, which allow for either Level 2 or Level 3 depending on lock up and notice periods associated with
the underlying funds.
Instrumentsmeasured and reported at fair value are classified and disclosed in one of the following categories:
Level 1 — Quoted prices are available in active markets for identical instruments as of the reporting date.
Instruments, which are generally included in this category, include actively traded equity and debt securities, U.S.
government obligations, and mutual funds with quoted market prices in active markets.
2 — Pricing inputs are other than quoted in active markets, which are either directly or indirectly observable
he reporting date, and fair value is determined through the use of models or other valuation methodologies.
i fixed income securities, primarily corporate bonds, are classified as Level 2 because fair values are
ited using pricing models,' matrix pricing, or discounted cash flows.
3 — Pricing inputs are unobservable for the instrument and include situations where there is little, if any,
t activity for the instrument. The inputs into the determination of fair value require significant management
that ch<
affect
financiE
instances the inputs used to measure fair value may fall into different levels of the fair value hierarchy
ised on the lowest level of input that is significant to the fair value measurement.
rice is affected by a number of factors, including the type of instrument and the characteristics specific to
invent. Instruments with readily available active quoted prices generally will have a higher degree of
nce observability and a lesser degree of judgment used in measuring fair value. It is reasonably' possible
ige in values of these instruments will occur in the near term and that such changes could materially
counts reported in these financial statements. For more information on the fair value of the Town's
instruments, see Note 2 — Cash and Investments.
)ort Town of Mansfield, Massachusetts 43
Comprehensive Annual Financial Report
F. Accounts Receivable
Government -Wide and Fund Financial Statements
The recognition of revenue related to accounts receivable reported in the government -wide financial sta
and proprietary and fiduciary funds financial statements are reported under the accrual basis of account
recognition of revenue related to accounts receivable reported in the governmental funds financial statei
reported under the modified accrual basis of accounting.
Real Estate, Personal Property Taxes and Tax Liens
Real estate and personal property taxes are levied and based on values assessed on
Assessed` values are established by the Board of Assessor's for 100% of the estimate
are due on August 1"', November 1st, February 1s' and May 1st and are subject to pens
not paid by the respective due date. Real estate and personal property taxes levied'a
in the year of the levy.
Tax liens are imposed three years after the original tax is considered delinquent and are pro:
July 1st every year.
Real estate receivables are secured via the tax lien process and are considered 100% colle
an allowance for uncollectibles is not reported.
Personal property taxes cannot be secured through the lien process. The allowance of
based on historical trends and specific account analysis.
Motor Vehicle Excise Taxes
Motor vehicle excise taxes are assessed annually for each vehicle registered in the Toy
receivables in the year of the levy. The Commonwealth is responsible for reporting; the
registered and the fair values of those vehicles. The tax calculation is the fair value of t
$25 per $1,000 of value.
The allowance for uncollectibles is estimated based on historical trends and specific ac
Room Occupancy Tax
The Town levies 6% of the cost of renting hotel, motel, lodging house and bed and breakfast rooms in
with Massachusetts General Law, Chapter 64G, Section 3A. The tax is paid by the operator of each
establishment to the State Commissioner. of Revenue, who in turn pays the tax back to the Town in qi
distributions. The room occupancy tax receivable is categorized as an intergovernmental receivable.:
These receivables are considered 100% collectible and therefore do not report an allowance for uncol
Meals Tax
The Town levies 0.75% forthe!
64L, Section 2. The tax is paid'
who in turn pays the tax back to
These receivables are consider
Town of Mansfield, Massachui
meals in accordance with Massachusetts General Law; Chapt,
f each establishment to the State Commissioner of Revenue,
rte rly' distributions.
8e and therefore do not report an allowance for uncollectibles:
44 Comprehensive Annual Financial Repo
User fees are levied monthly based on individual meter readings and are subject to penalties and interest if they
are not paid by the respective due date; Water and sewer liens are processed in December of every year and
included as a lien on the property owner's tax bill. Water and sewer charges and related liens are recorded as
receivables in the year of the levy.
Since the receivables are secured via the lien process, these accounts are considered 100% collectible and
therefore do not report an allowance for uncollectibles.
Departmental and Other
Departmental and other receivables consist primarily of police details and ambulance fees, which are recorded as
receivables in the fiscal year accrued. The allowance for uncollectibles is estimated based on historical trends
and specific account analysis.
Intergovernmental
Various federal and state grants for operating and capital purposes are applied for and received annually. For
non -expenditure driven grants, receivables are recognized as soon as all eligibility requirements imposed by the
provider have been met. For expenditure driven grants, receivables are recognized when the qualifying
expenditures are incurred and all other grant requirements are met.
These receivables are considered 100% collectible and therefore do not report an allowance for uncollectibles.
G. inventories
Government -Wide and Fund Financial Statements
Inventories of the governmental funds, as well as the water, sewer, airport and parking enterprise funds are
recorded as expenditures/expenses at the time of purchase. Such inventories are not material in total to the basic
financial statements, and therefore are not reported.
Inventories of the electric light enterprise fund are stated at historical cost. Cost for materials and supplies
inventories are determined by the first -in, first -out method.
n. capical:Hssecs -
Government -Wide and Proprietary Fund Financial Statements
Capital: assets, which include land, land improvements, buildings, machinery and equipment; and infrastructure
(e.g., roads, water mains, sewer mains, and similar items), are reported in the applicable governmental or
business -type activities column of the government -wide financial statements, and the proprietary fund financial
statements. Capital assets are recorded at historical cost, or at estimated historical cost, if actual historical cost is
not available. Donated capital assets;' donated works of art, historical treasures and similar assets, and capital
assets received in service concession arrangements are recorded at acquisition value. Except for the capital
assets of the governmental activities column in the government -wide financial statements, construction period
interest is capitalized on constructed capital assets.
All purchases and construction costs in excess of $10,000 are capitalized at the date of acquisition or
construction, respectively, with expected useful lives of greater than one year.
Town of Mansfield, Massachusetts 45 Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended June 30t2018
Notes to Basic Financial Statements Year Ended June 30 2018
Capital assets (excluding land) are depreciated on a straight-line basis. The estimated useful lives of capital
J. Inter-fund Receivables and Pavables
assets being depreciated are as follows:
During the course of its operations;: transactions occur between andwithin individual funds that may result in
Estimated
amounts owed between funds.
Useful
Life
Government -Wide Financial Statements ,
Capital Asset Type in years)
Transactions of a buyer/seller nature between and within governmental funds and internal service funds are
Buildings and improvements....... .............. 40
eliminated from the governmental activities in the statement of net position. Any residual balances outstanding
Improvements other than buildings.................. 20-30
between the governmental activities and business-type activities are reported in the statement of net position as
Machinery and equipment .............................. 5-20
"internal balances".
Vehicles.................................................. 5-15
Books ...................................................... 3-10 ,
Fund Financial Statements
Infrastructure ............................................ 20-50
Electric light distribution plant......................... 10-33
Transactions of a buyer/seller nature between and within funds are not eliminated from the individual fund
"Due
Electric light general plant .............................. 5-33
statements. Receivables and payables resulting from these transactions are classified as from other funds'
or "Due to other funds" on the balance sheet.
The cost of normal maintenance and repairs that do not add to the value of the assets or materially extend asset
lives are not capitalized and are treated as expenses when incurred. Improvements are capitalized.
K. Interfund Transfers
Governmental Fund Financial Statements
During the course of its operations, resources are permanently reallocated between and within funds. These
transactions are reported as operating transfers in and operating transfers out.
Capital asset costs are recorded as expenditures in the acquiring fund in the year of the purchase.'
Government-ode Financial Statements
I. Deferred Outflows/Inflows of Resources
Transfers between and within governmental funds and internal service funds are eliminated from the
Government -Wide Financial Statements (Net Position)
governmental activities in the statement of net position. Any residual balances outstanding between the
governmental activities and business-type activities are reported in the statement of activities as `Transfers, net".
In addition to assets, the statement of financial position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of resources, represents a
Fund Financial Statements
consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of
resources (expense/expenditure) until then. As of June 30, 2018 the Town has reported deferred outflows of
some
Transfers between and within funds are not eliminated from the individual fund statements and are reported as
resources related to pensions in this category, as well as deferred outflows of resources related to OPEB.
transfers in and transfers out.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred
L Unavailable Revenue
inflows of resources. This separate financial statement element, deferred inflows of resources, represents an
acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources
Unavailable revenue at the governmental fund financial statement level represents billed receivables that do not
(revenue) until that time. As of June 30, 2018 the Town has reported deferred inflows of resources related to
meet the available criterion in accordance with the current financial resources measurement focus and the
pensions in this category.
modified accrual basis of accounting, i.e. receivables, that are not considered to be available to liquidate liabilities
060"
of the current period. Unavailable revenue is recognized as revenue in the conversion to the government-wide
Governmental Fund Financial Statements
(full accrual) financial statements.
0-00
In addition, to liabilities, the governmental funds balance sheet will sometimes report a separate section for
M. Net Position and Fund Equity
deferred inflows of resources. This separate financial statement element, deferred inflows of resources,
Government Financial Statements (Net Position)
represents amounts that have been recorded in the governmental fund financial statements but the revenue is not
-Wide
available and so will not be recognized as an inflow of resources (revenue) until it becomes available. The Town
has recorded unavailable revenue as deferred inflows of resources in the governmental funds balance sheet.
Net position reported as `net investment in capital assets; includes capital assets, net of accumulated
IPWOM
depreciation, less the principal balance of outstanding debt used to acquire capital assets. Unspent proceeds of
capital related debt are not considered to be capital assets.
Net position is reported as restricted when amounts that are not available for appropriation or are legally restricted
by outside parties for a specific future use.
Town of Mansfield, Massachusetts 46 Comprehensive Annual Financial Report
Town of Mansfield, Massachusetts 47 Comprehensive Annual Financial Report
Net position has been "restricted for" the following:
"Depreciation — represents amounts restricted in the Electric department for the statutory reserve for funded'
depreciation.
-- "Permanent funds - expendable" represents amounts of realized and unrealized investment earnings of donor
restricted trusts. The restrictions and trustee policies only allows the trustees to approve spending of the realized
investment earnings.
"Permanent funds - nonexpendable" represents the endowment portion of donor restricted trusts.
"Grants and gifts" represents amounts held for school and other Town grants, and for gift funds.
Sometimes the Town will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant
proceeds) and unrestrictedresources. In order to calculate the amounts to report as restricted — net position and
unrestricted net position in the government -wide and proprietary fund financial statements, a flow assumption
must be made about the order in which the resources are considered to be applied. It is the Town's policy to
consider restricted — net position to have been depleted before unrestricted — net position is applied.
Fund Financial Statements (Fund Balances)
Governmental fund equity is classified as fund balance. Fund balance is further classified as follows:
"Nonspendable" fund balance includes amounts that cannot be spent because they are either not in spendable
form or they are legally or contractually required to be maintained intact.
"Restricted" fund balance includes amounts subject to constraints placed on the use of resources that are either
externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or that are
imposed by law through constitutional provisions or enabling legislation.
"Committed" fund balance includes amounts that can only be used for specific purposes pursuant to constraints
imposed by formal action of the government's highest level of decision-making authority. "Town Meeting" is the is
the highest level of decision making authority that can, by adoption of a Town Meeting warrant article, commit
funds for specific purposes. Once voted, the limitation imposed by the vote remains in place until the funds are
used for their intended purpose ora vote is taken to rescind the commitment.
"Assigned" fund balance includes' amounts that are constrained by the Town's intent to be used for specific"
purposes, but are neither restricted nor committed. The Town's by-laws authorize the Finance Director/Town
Accountant to assign fund balance. Assignments` generally only exist temporarily. Additional action does not
have to be taken for the removal of an assignment.
"Unassigned" fund balance includes the residual classification for the general fund. The general fund is the only
fund that reports a positive unassigned fund balance. This classification represents fund balance that has not
been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within
the general fund.
The Town's spending policy is to spend restricted fund balance first, followed by committed, assigned and
unassigned fund balance. Most governmental funds are designated for one purpose at the time of their creation.
Therefore, any expenditure from the fund will be allocated to the applicable fund balance classifications in the
order of the aforementioned spending policy, The general fund and certain other funds may have more than one
purpose.
Town of Mansfield, Massachusetts 48 Comprehensive Annual Financial' Report
Notes to Basic Financial Statements Year Ended June 30 2018
N. Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of both the
Bristol County Retirement System and the Massachusetts Teachers Retirement System and additions
to/deductions from the Systems fiduciary net position have been determined on the same basis as they are
reported by the Systems. For this purpose, benefit payments (including refunds of employee contributions) are
recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
O. Long-term debt
Government -Wide and Proprietary Fund Financial Statements
Long-term debt is reported as liabilities in the government -wide and proprietary fund statement of net position.
Material bond premiums and discounts are deferred and amortized over the life of the bonds using the effective
interest method. Bonds payable are reported net of the applicable bond premium or discount.
Governmental Fund Financial Statements
The face amount of governmental funds long-term debt is reported as other financing sources. Bond premiums
and discounts, as well as issuance costs, are recognized in the current period. Bond premiums are reported as
other financing sources and bond discounts are reported as other financing uses. Issuance costs, whether or not
withheld' from the actual bond proceeds received, are reported as general government expenditures.
P. Investment Income
Excluding the permanent funds, investment income derived from major and nonmajor governmental funds is
legally assigned to the general fund unless otherwise directed by Massachusetts General Law (MGL).
Investment income from proprietary funds is maintained in those funds.
Q. Compensated Absences
Employees are granted vacation and sick leave in varying amounts based on collective bargaining agreements,
state laws and executive policies.
Government -Wide and Proprietary Fund Financial Statements
Vested or accumulated vacation and sick leave are reported as liabilities and expensed as incurred.
Governmental Fund Financial Statements
Compensated absences are reported in the governmental funds only if they have matured as a result of employee
resignations or retirements. Vested or accumulated vacation and sick leave, which will be liquidated with
expendable available financial resources, are reported as expenditures and fund liabilities upon maturity of the
liability.
Town of Mansfield, Massachusetts 49 Comprehensive Annual Financial Report
R. Use of Estimates
Government -Wide and Fund Financial Statements
The preparation of basic financial statements in conformity with GAAP requires management to make estima
and assumptions that affect the reported amounts of assets and liabilities and disclosure for contingent asset
and liabilities at the date of the basic financial statements and the reported amounts of the revenues and
expenditures/expenses during the year. Actual results could vary from estimates that were used.
S. Total Column
Government -Wide Financial Statements
The total column presented on the government -wide financial statements represents consolidated fi
information.
Fund Financial Statements
The total column on the fund financial statements is presented only to facilitate financial analysis.' Data in this
column is not the equivalent of consolidated financial information.
NOTE 2 — CASH AND INVESTMENTS
A cash and investment pool is maintained that is available for use by all funds. Each fund type's portion of this
pool is displayed on the balance sheet as "Cash and Cash equivalents." The deposits and investments of the
trust funds are held separately from those of other funds.
Statutes authorize the investment in obligations of the U.S. Treasury, agencies, and instrumentalities, certificates
of deposit, repurchase agreements, money market accounts, bank deposits and the State Treasurers Investmer
Pool (the "Pool"). The Treasurer may also invest trust funds in securities, other than mortgages or collateral
loans, which are legal for the investment of funds of savings banks under the laws of the Commonwealth.
Custodial Credit Risk — Deposits
In the case of deposits, this is the risk that in the event of'a bank failure, the Town's deposits may not be returnei
to it. She Town does not haven deposit policy for custodial risk. At year-end, the carrying amount of deposits
totaled $59,800,594, and the bank balances totaled $61,757,147. Of the bank balance, $3,250,000 was coverec
by Federal Depository Insurance, $8,785,378 was covered by the Share Insurance Fund, $19;565,460 was i
covered by the Depositors Insurance Fund, $29,503,900 was collateralized and $652,409 was exposed to
custodial credit risk because it was uninsured and uncollateralized.
Town of Mansfield, Massachusetts 50 Comprehensive Annual Financial Repo
Notes to Basic Financial Statements Year Ended June 30_2018
Investments
As of June 30, 2018, the Town had the following investments and maturities:
Investment Maturities
it Risk= Investments
ent, this is the risk that, in the event of a failure by the counterparty, the Town, will not be able to
ue of its investments or collateral security that are in the possession of an outside party. The Town
redit risk exposure relating to its $3,617,822 investments in U.S. Treasury Bonds, Government
erprises and Corporate Bonds, as well as $557,166 in Equity Securities because the securities are
agistered, and held by the counterparty. The Town does not have an investment policy for
: risk.
Interest Rate Risk
The Town does not have a formal policy that limits investment maturities as a means of managing its exposure to
fair value losses arising from increasing interest rates.
Credit Risk
The Town has not adopted a formal policy related to Credit Risk. The Town's investments are rated as follows by
Moody's Investor's Services:
Quality Ratings
Fair
Debt Securities: Value AA+ A+ A- BBB+ BBB
U.S. Treasury Bonds .............................. $ 643,270 $.. z 643,270 $ - $ - $ - $ -
Government Sponsored Enterprises......... 1;976,250 -.z 1,976,250 - - - -
Corporate Bonds .................................... -998302 - 190,268 383,260 251,656 173,118
Total ........... ........... ...... $ 3,617,822 $ .:72,619,520 $ 190,268 $ 383,260 $ 251,656 $ 173,118
Town of Mansfield, Massachusetts 51 Comprehensive Annual Financial, Report
Under
Investment Type
Fair Value
1 Year
1-5 Years
Debt Securities:
U.S. Treasury Bonds ............................
$ 643,270 $
643,270 $
-
Government Sponsored Enterprises ..........
1,976,250
-
1,976,250
Corporate Bonds ....................................
998,302
-
998,302
Total Debt Securities .............................
3,617,822 $
643,270 $
2,974,552' `
Other Investments:
Equity Securities .......................................
557,166
Equity Mutual Funds ............. ....... ................
3,183,295
Fixed Income Mutual Funds ......................
1,833,888
Daily Liquid Mutual Funds ..........................
993,942
Money Market Mutual Funds ....................
1,019,198
Total Investments ..................................
$ 11,205,311
it Risk= Investments
ent, this is the risk that, in the event of a failure by the counterparty, the Town, will not be able to
ue of its investments or collateral security that are in the possession of an outside party. The Town
redit risk exposure relating to its $3,617,822 investments in U.S. Treasury Bonds, Government
erprises and Corporate Bonds, as well as $557,166 in Equity Securities because the securities are
agistered, and held by the counterparty. The Town does not have an investment policy for
: risk.
Interest Rate Risk
The Town does not have a formal policy that limits investment maturities as a means of managing its exposure to
fair value losses arising from increasing interest rates.
Credit Risk
The Town has not adopted a formal policy related to Credit Risk. The Town's investments are rated as follows by
Moody's Investor's Services:
Quality Ratings
Fair
Debt Securities: Value AA+ A+ A- BBB+ BBB
U.S. Treasury Bonds .............................. $ 643,270 $.. z 643,270 $ - $ - $ - $ -
Government Sponsored Enterprises......... 1;976,250 -.z 1,976,250 - - - -
Corporate Bonds .................................... -998302 - 190,268 383,260 251,656 173,118
Total ........... ........... ...... $ 3,617,822 $ .:72,619,520 $ 190,268 $ 383,260 $ 251,656 $ 173,118
Town of Mansfield, Massachusetts 51 Comprehensive Annual Financial, Report
Year Ended June 3I
Concentration of Credit Risk
The Town places no limit on the amount the Town may invest in any one issuer.
Fair Value of Investments
The Town holds investments that are measured at fair value on a recurring basis. Because investing is n
part of the Town's mission, the Town determines that the disclosures related to these investments only nE
disaggregated by major type. The Town chooses a tabular format for disclosing the levels within the fair,
hierarchy.
The Town categorizes its fair value measurements within the fair value hierarchy established by generali
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair"
the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are signii
other observable inputs; Level 3 inputs are significant unobservable inputs.
The Town has the following recurring fair value measurements as of June 30, 2018
2018 Notes to Basic Financial Statements Year nded June 30 2018
,p NOTE 3 - RECEIVABLES
At June 30, 2018, receivables for the individual major and nonmajor governmental funds in the aggregate,
including the applicable allowances for uncollectible accounts, are as follows:
Allowance
be Gross for Net
I to be
a o Amount Uncollectibles Amount
Receivables:
ue Real estate and personal property taxes... ............ $ 541,114 $ $ 541,114
Tax liens--- ........... ............................ 407,278 407,278
Motor vehicle and other excise taxes .... ............ 294,374 294,374
Departmental and other. ............. ..................... 1,618,684 (909,809) 708,875
ue of -
int Intergovernmental .......... ............................ 2,709,521 2,709,521
Total............. ......................... !................. ..:. $ 5,570,971 $ (909,809) $ 4,661`,162
At June 30, 2018, receivables for the proprietary funds consist of the following:
Allowance
Gross for Net
Amount Uncollectibles Amount
ant Receivables:
✓able Userfees...... ............. ........................ $ 6,142,532 $ $ 6,142,532
s Special assessments ..................................... 108,373 - 108,373 I
3) Intergovernmental ........................................:: 121,953 121,953
Total ... ................................................. $ 6,372,858 $ $ 6,372 858
Governmental funds report unavailable revenue in connection with receivables for revenues that are not
considered to be available to liquidate liabilities of the current period. At the end of the current year, the various
components of unavailable revenue reported in the governmental funds were as follows:
Nonmajor
General Governmental
Fund Funds Total
Receivables and other asset types
Real estate and personal property taxes ............... $ 377,871 $ $ 377,871
Tax liens ............. ...................................... 407,278 407,278
Motor vehicle and other excise taxes 294,374 294,374
Departmental and other.. ...... 302,540 406,335 708,875
Intergovernmental......... .... 1,555,408 1,136,293 2,691,701
Total .... .......... ..... ......... $ 2,937,471 $ 1,542,628 $ 4,480,099
ne
e j
Town of Mansfield, Massachusetts 53 Comprehensive Annual Financial Report
2eport
Quoted
Prices in
Active Significant
Markets for Other Signific
Identical Observable Unobser
June 30,
Assets Inputs Inpuj
Investment Type
2018
(Levetl) (Level2) Level
Investments by fair value level:
Debt Securities:
U.S. Treasury Bonds.::::. ......... ..........
$ 643,270
$ 643,270 $ $
Government Sponsored Enterprises ............
' 1,976,250
1,976,250
Corporate Bonds .......................: . ..........
998,302
- 998,302 1
Total debt securities ..........................
3,617,822
2,619,520 998,302
Other investments:
EquitySecurities............. .......................................
557,166
557,166 -
Equity Mutual Funds........
... 3,183,295
3,183,295 -
Fixed Income Mutual Funds ...................................
1,833,888
1,833,888 -
Daily Liquid Mutual Funds ......................................
993,942
993,942 -
Money Market Mutual Funds ............................
1,019,198
1,019,198 -
Total other investments ..................
7,587,489
7,587,489
Total investments measured at fair value........:.,.
$ 11,205,311
$ 10,207,009 $ 998,302 $
U.S. Treasury Bonds, Government sponsored enterprises, equity
securities, equity mutual funds, fixed incoi
mutual funds, daily liquid mutual funds, and
money market mutual
funds classified in Level 1 of the fair value
hierarchy are valued using prices quoted in
active markets for
those securities. Corporate bonds classified
Level 2 of the fair value hierarchy are valued` using a matrix pricing
technique. Matrix pricing is used to valu
securities based on the securities', relationship to benchmark quoted
prices.
Town of Mansfield, Massachusetts
52
Comprehensive Annual Financial`l
2018 Notes to Basic Financial Statements Year nded June 30 2018
,p NOTE 3 - RECEIVABLES
At June 30, 2018, receivables for the individual major and nonmajor governmental funds in the aggregate,
including the applicable allowances for uncollectible accounts, are as follows:
Allowance
be Gross for Net
I to be
a o Amount Uncollectibles Amount
Receivables:
ue Real estate and personal property taxes... ............ $ 541,114 $ $ 541,114
Tax liens--- ........... ............................ 407,278 407,278
Motor vehicle and other excise taxes .... ............ 294,374 294,374
Departmental and other. ............. ..................... 1,618,684 (909,809) 708,875
ue of -
int Intergovernmental .......... ............................ 2,709,521 2,709,521
Total............. ......................... !................. ..:. $ 5,570,971 $ (909,809) $ 4,661`,162
At June 30, 2018, receivables for the proprietary funds consist of the following:
Allowance
Gross for Net
Amount Uncollectibles Amount
ant Receivables:
✓able Userfees...... ............. ........................ $ 6,142,532 $ $ 6,142,532
s Special assessments ..................................... 108,373 - 108,373 I
3) Intergovernmental ........................................:: 121,953 121,953
Total ... ................................................. $ 6,372,858 $ $ 6,372 858
Governmental funds report unavailable revenue in connection with receivables for revenues that are not
considered to be available to liquidate liabilities of the current period. At the end of the current year, the various
components of unavailable revenue reported in the governmental funds were as follows:
Nonmajor
General Governmental
Fund Funds Total
Receivables and other asset types
Real estate and personal property taxes ............... $ 377,871 $ $ 377,871
Tax liens ............. ...................................... 407,278 407,278
Motor vehicle and other excise taxes 294,374 294,374
Departmental and other.. ...... 302,540 406,335 708,875
Intergovernmental......... .... 1,555,408 1,136,293 2,691,701
Total .... .......... ..... ......... $ 2,937,471 $ 1,542,628 $ 4,480,099
ne
e j
Town of Mansfield, Massachusetts 53 Comprehensive Annual Financial Report
2eport
NOTE 4 — CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2018, was as follows:
Beginning
Balance Increases
Goven
`I
cap
E
P
Activities:
................................................ $ 4,581,636 $ 52,304 $
uction in progress. ........................ 9,429,209 11,391,097
al capital assets not being depreciated... 14,010,845 11,443,401
................................. 66,954,933 88,104
ier than buildings ................ 6,120,810 196,792
uipment. ..................... 8,296,143 1,038,651
Decreases
(113,197) $
(2,195,566) 1`i
(2,308,763) 2:
6'.
'i
Vehicles........ ..... ..............................
6,924,374
232,435
(54,719)
Books............ ............ ....................... ......
4,388,318
308,196
Ending
Infrastructure .............................................
34,075,059
4,436,462
Balance
3E
Total capital assets being depreciated........
126,759,637
6,300,640
(54,719)
13
Less accumulated depreciation for
Capital assets not being depreciated:
Buildings ............................... ..............
(33,892,700)
(1,499,601)
-
(3€
Improvements other than buildings ................
(3,327,934)
(388,380)
936,013
254,072
Machinery and equipment .........................
(5,886,677)
(438,478)
5,764,358
(q
Vehicles ........... ................................
(4,826,160)
(555,396)
54,719
(?
Books .....................................................
(3,696,115)
(274,988):.:
-
-
Infrastructure .................. ........ ........
(18,182,949)
(1,795,583)
-
(1d
Total accumulated depreciation..... ................
(69,812,535)
(4,952,426)
54,719
(7`
Total capital assets being depreciated, net..........
56,947,102
1,348,214
6,098,592
5E
Total governmental activities capital' assets, net ....
$ 70,957,947 $
12,791,615
$ (2,308,763) $
81
Town of Mansfield, Massachusetts 54
Comprehensive Annual Financial Reps
Notes to Basic Financial Statements
Year Ended June 30 2018
Ending
Ending
Balance
Increases
Decreases
Balance
Business -Type Activities:
Capital assets not being depreciated:
Land .................... ........ ' ..............$
4,828,345
$ -
$ - $
4,828,345
Construction in progress .................................
936,013
254,072
-
1,190,085
Total capital assets not being depreciated......
5,764,358
254,072
-
6,018,430
Capital assets being depreciated:
Buildings and improvements::....:: .............
12,426,631
-
-
12,426,631
Improvements other than buildings.. .............
4,641,011
348,682
-
4,989,693
Electric light distribution plant....... .............
50,407,557
852,672
(122,066)
51,138,163
Electric light general plant ..............................
6,098,592
1,943,514
-
8,042,106
Machinery and equipment......... .......... .........
1,910,651
461,832
-
2,372,483
Vehicles .......... ....................... ...... . .. .....
895,617
50,831
-
946,448
Infrastructure ..............................................
54,833,073
81,639
-
54,914,712
Total capital assets being depreciated...........
131,213,132
3,739,170
(122,066)
134,830,236
Less accumulated depreciation for:
Buildings and improvements.......: .............
(2,806,800)
(311,671)
(3,118,471)
Improvements other than buildings ...................
(1,817,334)
(152,087)
-
(1,969,421)
Electric light distribution plant ...........................
(20,403,193)
(1,509,447)
122,066 `,
(21,790,574)
Electric light general plant ..............................
(3,448,253)
(270,723)
-
(3,718 976) "y
`Machinery and equipment ..............................
(1,228,802)
(151,550)
r. (1,380,352)
Vehicles ........ ..........................................
(755,105)
(49,541)
-
(804,646)
Infrastructure ........................ ........ ...... ....
(18,468,204)
(1,311,541)
(19,779,745)
Total accumulated depreciation ..................
(48,927,691)
(3,756,560)
122,066
(52,562,185)
Total capital assets being' depreciated, net ...............
82,285,441.
(17,390)
-
82,268,051
Total business type activities capital assets, net .......
$ 88,049,799 $
236,682 $
$
88,286,481
Depreciation expense was charged to functions/programs of the primary
government as follows:
Governmental Activities:
General government .................
...............................
$
176,718
Public safety ...... .........
........... ....................
572,758
Education . .................................................
.....
1,736,512
Public works...............................................................
2,075,195
Human services ..............................
.....................
35,232
Culture and recreation ...................................
.........
356,011
Total depreciation expense - governmental
activities .................
$
4,952,426
Business -Type Activities:
Water ............................
.....................................
$
1,118,244
Sewer. ..............................
......... ..........................
390,120
Airport.......................................
......................
459,899
Parking.......................................
. .........
........
8,127
Electric light.......................
.....................................
1,780,170
Total depreciation expense - business -type activities ..................
$
3,756,560
Town of Mansfield, Massachusetts
55
Comprehensive Annual Financial Report
l
Notes to Basic Financial Statements Year Ended June 30 2018
1�1
Notes to Basic Financial Statements Year Ended June 30 2018
NOTE 5 — INTERFUND TRANSFERS
The following schedule presents the future minimum lease payments as of June 30, 2018:
Interfund transfers for the year ended June 30, 2018, are summarized as follows:
Year Ending Governmental
June 30: Activities
Transfers In:
2019 ......... ......... ........................... $ 46,343
Nonmajor Water
2020 ......... ......... .................... 46,344 I
General Governmental Enterprise
Total minimum lease payments .................. 92,687
Transfers Out: Fund Funds Fund Total_.
r
Less: amounts representing interest............ (7,122)
General Fund... ..... _ .......... .......... $ - $ 502,920 $ 4,920 $; 507,840 (1)
,
NonmElectriajorGovernmental Funds ............. 313,488 - - 313,488 (2)
Present value of minimum lease payments.... $ 85,565 j
�I
Light Enterprise Fund. 650,199 650,199 (3)
I
Total ..... ..:::............................... $ 963,687 $ 502,920 $ 4,920 $ 1,471,527
NOTE 7=SHORT-TERM FINANCING
(1) Budgeted transfer to the water enterprise fund for excluded debt service, as well as to Nonmajor
Short-term debt may be authorized and issued to fund the following:
governmental funds to fund 111 F injury leave, and to fund a compensated absences reserve fund'.
(2) Budgeted transfers to the general fund from wetlands protection receipts reserved for appropriation.
. Current operating costs prior to the collection of revenues through issuance of revenue or tax anticipation
(3) Budgeted payment in lieu of tax payment from the Mansfield Electric Light Department.
notes (RANS or TANS).
• Capital project costs and other approved expenditures incurred prior to obtaining permanent financing through
NOTE 6 —LEASES
xx
issuance of bond anticipation notes (BANS) or grant anticipation notes (GANS).
Capital Leases
Short-term loans are general obligations and carry maturity dates that are limited by statute;. Interest ; )
expenditures and expenses for short-term borrowings are accounted for in the general fund and enterprise funds,
The Town has entered into a lease agreement to finance the acquisition of police vehicles. The lease agreement
respectively.
qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the present value of the
future minimum lease payments as of the inception date. The following identifies the assets acquired through
71
Details related to the short-term debt activity for the year -ended June 30, 2018, are as follows:
capital lease agreements:
Balance at Balance at
Governmental
Rate June 30, Renewed/ Retired/ June 30,
Activities
""`
Type Purpose (%) Due Date 2017 Issued Redeemed 2018
Asset:
Governmental Funds:
Vehicles .......................... ._................ $ 131,908
BAN Bond anticipation note..... 1.30 06/15/18$ 1,000,000 $ - $ 1,000,000 $ -
Less: accumulated depreciation ................. (43,969)
"
BAN Bond anticipation note...... 1.95 05/16/19 - 2,000,000 - 2,000,000
Total .: ........ ............. ...... $ 87,939
Total governmental funds............................. 1,000,000 2,000,000 1,000,000 2,000,000
W11,"
Enterprise Funds:
w
Water Enterprise Fund
BAN Bond anticipation note...... 1.95 05/16/19 500,000 500,000
—'
Total short-term debt ........._................. ...........$ 1,000,000 $ 2,500,000 $ 1,000,000 $ 2,500,000
0
NOTE 8 — LONG-TERM DEBT
Under the provisions of Chapter 44, Section 10, Municipal Law authorizes indebtedness up to a limit of 5% of the
':
equalized valuation. Debt issued in accordance with this section of the law is designated as being "inside the
F ,F,
debt limit". In addition, however, debt may be authorized in excess of that limit for specific purposes. Such debt,
when issued, is designated as being 'outside the debt limit".
Town of Mansfield, Massachusetts 56' Comprehensive Annual Financial Reportp
Town of Mansfield Massachusetts 57 ComprehensiveAnnual Financial Report
Notes to Basic Financial Statements Year Ended June 30, 2018
Details related to the Town's general obligation indebtedness at June 30, 2018, and the debt service
requirements are as follows:
administered by the Massachusetts School
Building Authority, provides resources for future debt service of
Bonds and Notes Payable Schedule - Governmental Activities
During 2018, $1,690,376 of such assistance was received;
Maturities
Original
Interest Outstanding
...Outstanding
Through
Loan
Rate at June 30,
at June 30
Project Year
Amount
(%) 2017
Issued Redeemed
2018
I
Maturities
Massachusetts Clean Water -Trust ........ 2023
880,933
2.00 $ 345,000 $
- $ (55,000) $
290,000
Municipal Purpose Loan of 2006 2019
17,885,450
2.00-4.50 1,983,600
- (1,622,000)
361,600
Municipal Purpose Loan of 2014-.. 2028
2,608,800
1.30-2.35 1,530,000
- (160,000)
1,370,000
Municipal Purpose Loan of 2015........ 2025
3,400,000
2.00-4.00 2,720,000
- (340,000)
2,380,000
Municipal Purpose Loan of 2016..... .. 2042
11,050,000
2.00-5.00 10,850,000
- (495,000)
10 355,000
3,167,200 3.25-5.00
Municipal Purpose Loan of 2017......... 2042
20,750,000
3.00-5.00 20,750,000
- - (525;000)
20 225,000
Purpose Loan of 2009._... 2028
Total governmental bonds payable..............................
...................................
38,178,600
- (3,197,000)
34981,600
Add: unamortiied premium...... ..._.... .. .... ............
Purpose Loan of 2013....., 2028
....... 1,330,396
- (150,435)
1,179,961
Total governmental bonds payable net ......... .............
.... ..................
$ 39,508,996 $
- $ (3,347;435) $
36,161,561
Debt service requirements for principal and interest for
Governmental bonds payable in future years are as i
follows:
Municipal Purpose Loan of 2016...... 2026
1,325,000 2.00-5.00
1,190,000
- (135,000) 1,055,000 )
Year
Principal
Interest
Total
16,258,835
- (1,447,277) 14,811,558
2019 ..............$
1,951,600
$ 1,071,572'$
3,023,172
2020 ..............
1,610,000
1,007,604
2;617,604
- ::(26,083) 83,816
2021 .............
1,650,000
946,688
2,596,688
16,368,734 $
2022 ..............
1,680,000
885,944<
2,565,944
Debt service requirements for principal and interest for the water enterprise fund bonds payable in future years
2023 .............
1,715,000
823,669
2,538,669
2024 ..............
1,675,000
762,894
2,437,894
Total
2025 .............
1,715,000
708,164;
2,423,164
2026 ..
1,410,000
656,614
2,066,614
1;784,269
2027 ..............
1,240,000
610,161
1,850,161
1,748,135
2028............
1,240,000
573,611
1,813,611
1,587,797 '
2029 ...
1,200,000
536,581
1,736,581
1,476832
2030 ............
1,235,000
500,131
1,735,131
2031 ............
1,275,000
462,431
1,737,431
2032 ............
1,235,000
423,431
1,658,431
1,424,036
2033 ............
1,220,000
392,881
1,612,881
1,027,071
2034............
1,255,000
361,875
1,616,875
888,133
2035 ..............
1,295,000
328,417
1,623,417
881,671
2036............
1,340,000
293,874
1,633,874
683,207
2037 ............
1,385,000
258,187
1,643,187
684,213
2038...... ......
1,430;000
219,754
1,649,754
685,239
2039 ............
;1,480,000
178,725
1,658,725
686,287
2040.......::...
1,530,000-
136,290
1,666,290'
9,898
2041.......:....
1,580,000
92,400
1,672,400
Total ..............$
2042 ............
1,635,000
46,990
1,681,990
Town of Mansfield, Massachusetts
59
Total........'... $
34,981,600
$ 12,278,888 $
47,260,488
Town of Mansfield, Massachusetts
58
Comprehensive Annual Financial
Report
Notes to Basic Financial Statements Year Ended June 30. 2018
The Commonwealth has approved school construction assistance. The assistance program, which is
('
administered by the Massachusetts School
Building Authority, provides resources for future debt service of
general obligation school bonds outstanding.-
During 2018, $1,690,376 of such assistance was received;
$1,337,687 will be received in future years,' Accordingly, a $1,337,687 intergovernmental receivable and
corresponding deferred inflow of resources - unavailable revenue
has been reported in the governmental fund
financial statements. The unavailable revenue has been recognized as revenue in the conversion to the
government -wide financial statements.
Bonds and Notes Payable Schedule - Water Enterprise Fund
I
Maturities
Original Interest
9
Outstanding
9
Outstanding
9
Through
Loan Rate
at June 30,
at June 30,
,
Project Year
Amount (%)
2017
Issued Redeemed 2018
Municipal Purpose Loan of 2001...... 2021 $
900,000 4.50 $
180,000 $
_ $ (45,000) $ 135,000
' Municipal Purpose Loan of 2006...... 2021
3,167,200 3.25-5.00
681,400
- (273,000) 408,400
Municipal
Purpose Loan of 2009._... 2028
. 2,565,000 3.25-5.00
1,485,000
- (135,000) 1,350,000
r. Municipal
Purpose Loan of 2013....., 2028
930,000 1.30-2.35
670,000
- (65,000) 605,000
-
i' Massachusetts Clean Water Trust... 2033
16,627,532 2.00
12,052,435
- (794,277) 11,258,158
Municipal Purpose Loan of 2016...... 2026
1,325,000 2.00-5.00
1,190,000
- (135,000) 1,055,000 )
I
Total water bonds payable .... ......... .......
....... .........
16,258,835
- (1,447,277) 14,811,558
€i
Add. unamortized premium ........... .. ........
........ .........
109,899
- ::(26,083) 83,816
>. Total water bonds payable, net..............................................................
$
16,368,734 $
- $ (1,473,360) $ 14 895,374
Debt service requirements for principal and interest for the water enterprise fund bonds payable in future years
are as follows:
Year
Principal
Interest
Total
2019..............$
1,383,272 $
400,997 $
1;784,269
2020
1,395,721
352,414
1,748,135
2021
1281,810
305,987
1,587,797 '
2022
1,213,114
263,718
1,476832
2025............
1,283584
140,452
1,424,036
2026.. : .........
90 7, 802
119,269
1,027,071
2027 ..............
790,469
97,664
888,133
2028.x......:,....
803,410
78,261
881,671
2029 .......::.....
621,633_
61,574
683,207
2030 ..............
635,144
49,069
684,213
2031 ..............
648,947
36,292
685,239
2032 ..............
663,052
23,235
686,287
2033 ..............
677,462
9,898
687,360
Total ..............$
14,811,558 $ : ,
2,337,768 $
17,149,326
i
Town of Mansfield, Massachusetts
59
Comprehensive Annual Financial Report
I
i
Bonds and Notes Payable Schedule - Sewer Enterprise Fund
210,314 $
Maturities
Original
Interest
Outstanding
Through
Loan
Rate
at June 30,
Project Year
Amount
(%)
2017
Municipal Purpose Loan of 2008....... 2028 $
2,590,000
-: 3.25.5.00 $
1,465,000 $
Massachusetts Clean Water Trust..... 2033
14,726,165
0.00-2.00
346,749
vow. G o a b,ne aN= sna o Notes to Basic Financial Statements
Outsta
at Jur
Issued Redeemed 20
- $ (70,313) $ 1,39
Total sewer bonds payable ................................ .. ....... ........ $ 1,811,749 $ - $ (210,313) $,'
Debt service requirements for principal and interest for the sewer enterprise fund bonds payable in futut
are as follows:
Year Principal Interest Total
2019 ..............$
210,314 $
61,302 $
271.
2020............
215,315
53,793
269,
2021...........
170,315
45,122
2151
2022 ..............
173,497
38,414
211,
2023 ..............
173,497
31,465
204,
2024 ..............
173,498
24,450
197,
2025............
140,000
18,453
158`,
2026 ..............
140,000
12,287
152,
2027 _.........
140,000
6,075
146;
2028 ..............
65,000
1,463
66(
Total ..............$ 1,601,436 $ 292,824 $i 1,894;260
The Town is scheduled to be subsidized by the Massachusetts Clean Water Trust (MCWT) on a periodic basi
principal in the amount of $202,099 and interest costs for $297,848. The principal subsidies are guaranteed t
therefore an $80,146 governmental, $62,949 water and a $59,004 sewer intergovernmental receivable and
corresponding revenue have been reported in the Town's financial statements. Since the Town is legally
obligated for the total amount of the debt, such amounts have been reported in the accompanying basic finan'
statements. In 2018, the Town was subsidized for principal in the amount of $31,000, and interest in the amo
of $84,000.
Authorized and unissued debt
The Town is subject to various debt limits by statute and may issue additional general obligation debt under tf
normal debt limit. At June 30, 2018, the Town had the following authorized and unissued debt;
Purpose Amount
East Street Municipal Complex.. ............ ........... $ 6,249,567
Road/Bridge/Sidewalk Maintenance .................. 5,400,000
High School Windows/Doors Repairs .................. 1,300,000
Fire Station Improvements ......`...................... 660,000
Fire Engine..'. ......... . ................. ........ 660,000
Memorial Hall Improvements ............... ............ 360,000
Water Main Improvements.... ............ 500,000
Total ....................................................... $ 15,129,567
Town of Mansfield, Massachusetts 60 Comprehensive Annual Financial Re
Changes in Long-term Liabilities
During the year ended June 30;2018, the following changes occurred in long-term liabilities:
Bonds and Bonds and
Beginning Notes Notes Other Other
Ending
Due Within
Balance Issued Redeemed Increases Decreases
Balance
One Year
Governmental Activities:
Long-term bonds payable........................ $ 38,178,600. $ - $ (3,197,000) $ - $ - $
34,981,600 $
1,951,600
Add: Unamodized premium on bonds.... 1,330;396 (150,435)
1,179,961
138,322
Total bonds payable.......... ........ 39508;996 - - (3,197,000) - (150,435)
36,161,561
2,089,922
Compensated absences..... ......... 1,510,706 - - 1,036,167 (999,407)
1,547,466
993,995
Capital lease obligations..... .......... 131,908 - - - (46,343)
85,565
41,637
Landfill postclosure care..... ........ 153,000 - - - (17,000)
136,000
17,000
Other postemployment benefits................ 81,612,987 - - 6,832,417 (3,103,748)
85,341,656
-
Netpensionliability ....... .......... 32,293,093 - - 1,531,741 (3,641,927)
30,182,907
-
Total governmental activity
-_.long-term liabilities.._..... ........... $ 155,210,690 $ - $ (3,197,000) $ 9,400,325 $ (7,958,860) $
153,455,155 $
3,142,554
•
'Business -Type Activities:
'.. Long-term bonds payable... .......... $ 18,070,584 $ - $ (1,657,590) $ - $ - $
16,412,994 $
1,593,586
Add: Unamortized premium on bonds..... 109,899 - - - (26,083)
83,816
22,400
Total bonds payable..... - _ 18,180,483 - (1,657,590) - (26,083)
16,496,810
1,615,986
". Compensated absences... .. ..... .... 380,561 - - 307,961 (292,522)
396,000
.... 319,773
Customer deposits payable.. .. ...... 1,167,070 - - 101,806 -
1268,876.
-
Other postemploymentbenefits ................ 6,445,023 - - 608,310 (739,780)
6,313,553:
-
'- Net pension liability ......... .......... 5,062,288 - - 269,415 (600,210)
4,731,493:
=
Total business -type activity
long-term liabilities......... .... _....$ 31,235,425 $ - $ (1,657,590) $ 1,287,492 $ (1,658,595) $:
29206732'.$
1935,759
The governmental activities long-term liabilities are generally liquidated by the general fund. Business
-type
activities long-term liabilities are liquidated by each respective fund.
NOTE 9 - GOVERNMENTAL FUND BALANCE CLASSIFICATIONS
The intention of the GASB Statement No. 54, Fund Balance Reporting and Governmental Fund
Type Definitions,
is to provide a more structured classification of fund balance and to improve the usefulness of fund balance
reporting to the users of the Town's financial statements. The reporting standard establishes a hierarchy
for
fund
balance classifications and the constraints imposed on the uses of those resources.
a for two major types of fund balances, which are nonspendable and spendable. Nonspendable
balances that cannot be spent because they are not expected to be converted to cash or they
ractually required to remain intact. Examples of this classification are prepaid items, inventories,
)us) of an endowment fund. The Town has reported principal portions of endowment funds as
In addition to the nonspendable fund balance, GASB 54 has provided a hierarchy of spendable fund balances,
based on hierarchy of spending constraints.
• Restricted: fund balances that are constrained by external parties, constitutional provisions, or enabling
legislation.
• Committed: fund balances that contain self-imposed constraints of the government from its highest level
of decision making authority. The Town's highest level of decision making is made by Town Meeting.
Town of Mansfield, Massachusetts 61 Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended
June 30, 2018
• Assigned: fund balances that contain self-imposed constraints of the government to be used for a'
particular purpose.
• Unassigned: fund balance of the general fund that is not constrained for any particular purpose. The
general fund is the only fund that reports a positive unassigned fund balance.
Massachusetts General Law Ch.40 §5B allows for the establishment of Stabilization funds for one or more
different purposes. The creation of a fund requires a two-thirds vote of the legislative body and must
clearly
define the purpose of the fund. Any change to the purpose of the fund along with any additions to or
appropriations from the fund requires a two-thirds vote of the legislative body.
In accordance with Statement No. 54, the stabilization funds have been reported as unassigned fund balance in
the general fund.At yearend the balance of the general stabilization fund is $4,421,244, and the balance of the
capital stabilization fund is $52,847.
The Town has classified its fund balances with the following hierarchy:
Nonmajor
Total
Municipal Governmental
Governmental
General Projects Funds
Funds
Fund Balances:
Nonspendable:
Trust fund principal ........................... $ $ - $ 132,409 '$
132,409
Restricted for:
Municipal Projects....................... .... 7,883,289
7,883,289
Federal Grants... ......................_ - 327,109 '
327,109
State Grants................................... - 1,336,800
1,336,800
Receipts Reserved............................. - 28,260
28,260
Revolving Funds....................... .... _ - 3,199,240
3,199,240
Special Revolving ............................ - 599,166
599,166
School Lunch... ...:;:.. ............. 61,309
61,309
Gifts& Donations....... ........................ - - 546,315
546,315
Other Special Revenue....'; ... - 1,680,408
1,680,408
Cemeteries Permanent Funds ............. - 416,949
416,949
Committed to:
Articles and continuing appropriations: -
General government.......................... 1,069,343 - -
1,069,343
Education ........................ ........ _ 2,031,440 , -2,031,440
Public works..... ........ . ............ 200,153 - -
200,153
Culture and recreation, .... ............. 75,000 - -
75,000
Assigned to:
Encumbrances:
General government .......i ........... 36,335 - -
36,335
Public safety..... ......... ........... 50,504 - -
50,504
Education ........ ......... .......... 382,968 - -
382,968
Public works..... ............... 21,385 - -
21,385
Employee benefits ............................. % 46,895 - -
46,895
Unassigned......... ..................................... 10,296,705 -
10,296,705
Total Fund Balances...... ......... ...........$ '14,210,728 $ 7,883,289 $ 8,327,965 $
30,421,982
Town of Mansfield, Massachusetts 62 Comprehensive Annual Financial' Report
Notes to Basic Financial Statements Year Ended June 30. 2018
The details for the Committed and Assigned amounts in the table above are provided on the Schedule of
Revenues, Expenditures and Changes in Fund Balance— Budget and Actual in the Required Supplementary
Information section of this Report. The amounts are listed under the column titled Amounts Carried Forward to
Next Year. The Restricted amounts presented above are for funds that are subject to externally imposed
constraints relating to grants, contributions, or laws and regulations by other governments.
NOTE 10 — RISK FINANCING
The Town is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors
and omissions; and natural disasters for which the Town carries commercial insurance. The amount of claim
settlements has not exceeded insurance coverage in any of the previous three years.
The Town is a member of the Southeastern Massachusetts Health Group, which is a Massachusetts Municipal
Health Insurance joint purchasing group. The group provides health care coverage for employees and retirees
thai qualify for and select health care coverage as an employee benefit. Employees and retirees in the group pay
a percentage of the estimated health insurance premium. In the event of the dissolution of the Health Group or if
the assets of the Health Group are insufficient to pay claims which occur, the Town remains liable for its
proportionate share. At June 30, 2017, based on the most recent audited information available, the Southeastern
Massachusetts Health Group had an ending net position of $4.1 million which appears sufficient to cover future
claims.
NOTE 11:— PENSION PLAN
The Town is a member of the Bristol County Contributory Retirement System (BCRS or `System"), a cost-sharing
multiple -employer defined benefit pension plan covering eligible employees of the 28 member units. The system
is administered by five board members (Board) on behalf of all current employees and retirees except for current
teachers and retired' teachers. Chapter 32 of the MGL assigns authority to establish and amend benefit
provisions of the plan. The audited financial report may be obtained by visiting their website at
hftp://www.bristolcountyretirement.org.
The Town is a member of the Massachusetts Teachers' Retirement System (MTRS), a cost-sharing multi-
employer defined benefit plan. MTRS is managed by the Commonwealth of Massachusetts (Commonwealth) on
behalf of municipal umcipal teachers and municipal teacher retirees. The Commonwealth is a nonemployer contributor
and is responsible for 100% of the contributions and future benefit requirements of the MTRS. The MTRS covers
certified teachers in cities (except Boston), towns, regional school districts, charter schools, educational
collaborat ves and Quincy College. The MTRS is part of the Commonwealth's reporting entity and the audited
financial report may obtained by visiting http://www.mass.gov/osc/publications-and-reports/financial-reports/.
Special Funding Situation
The Commonwealth is a nonemployer contributor and is required by statute to make 100% of all actuarially
determined employer contributions on behalf of the Town to the MTRS. Therefore, the Town is considered to be
in a special funding situation as defined by GASB Statement No. 68, Accounting and Financial Reporting for
Pensions and the Commonwealth is a nonemployer contributor in MTRS. Since the Town does not contribute
directly to MTRS, there is no net pension liability to recognize. The total of the Commonwealth provided
contributions have been allocated based on each employer's covered payroll to the total; covered payroll of
employers in MTRS as of the measurement date of June 30, 2017. The Town's portion of the collective pension
expense, contributed by the Commonwealth, of $11,302,039 is reported in the general fund as intergovernmental
revenue and pension expense in the current fiscal year: The portion of the Commonwealth's collective net
pension liability associated with the Town is $108.3 million as of the measurement date.
Town of Mansfield, Massachusetts 63 Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended June 30. 2018
Benefits Provided
Both Systems provide retirement, disability, survivor and death benefits to plan members and beneficiaries
Massachusetts Contributory Retirement System benefits are, with certain minor exceptions, uniform from system
to system. The System provides for retirement allowance benefits up to a maximum of 80% of a member's
highest three-year average annual rate of regular compensation. For persons who became members on or after'
April 2, 2012, average salary is the average annual rate of regular compensation received during the five
consecutive years that produce the highest average, or; if greater, during the last five years (whether or not
consecutive) preceding retirement. Benefit payments are based upon a member's age, length of creditable
service, level of compensation, and group classification. Members become vested after ten years of creditable
service.
Employees who resign from service and who are not eligible to receive a retirement allowance or are under the '
age of 55 are entitled to request a refund of their accumulated total deductions. Survivor benefits are extended to
eligible beneficiaries of members whose death occurs prior to or following retirement.
Cost -of -living adjustments granted between 1981 and 1997 and any increase in other benefits imposed by the
Commonwealth's' state law during those years are borne by the Commonwealth and are deposited into the
pension funds Cost -of -living adjustments granted after 1997 must be approved by the Board and are borne by the
System,
Contributions
Chapter 32 of the MGL governs the contributions of plan members and member units. Active plan members arel
required to contribute to the System at rates ranging from 5% to 9% of gross regular compensation with an
additional 2% contribution required for compensation exceeding $30,000. The percentage rate is keyed to the
date upon which an employee's membership commences. The member units are required to pay into the BCRS
a legislatively mandated actuarial determined contribution that is apportioned among the employers based on
active current payroll, The Town's proportionate share of the required contribution equaled its actual contribution
for the year ended December 31, 2017 which was $4,212,838, or 19.82% of covered payroll, actuarially
determined as an amount that, when combined with plan member contributions, is expected to finance the costs
of benefits earned by plan members during the year, with an additional amount to finance any unfunded iaccruedi
liability.
Pension' Liabilities
At June 30, 2018, the Town reported a liability of $34,914,400 for its proportionate share of the net pension
liability. The net pension liability was measured as of December 31, 2017, and the total pension liability; used to
calculate the net pension liability was determined by an actuarial valuation as of January 1, 2018. Accordingly,
update procedures were used to roll forward the total pension liability to the measurement date. The Town's
proportion of the net pension liability was based on a projection of the Town's long-term share of contributions to I
the pension plan relative to the projected contributions of all participating members. At December 31, 2017, the
Town's proportion was 11.19%the same proportion as of December 31, 2016.
Pension Expense
For the year ended June 30, 2018, the Town recognized pension expense of $4,150,451. At June 30, 2018, the
Town reported deferred outflows of resources related to pensions of $4,635,192, and deferred inflows of
resources related to pensions of $2,350,679.
Town of Mansfield, Massachusetts 64 Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended June 30 2018
The balances of deferred outflows and inflows at June 30, 2018 consist of the following:
Deferred Deferred
Outflows Inflows
Deferred category of Resources of Resources Total
Differences between expected and actual experience......... $ 4,423,045 $ - $ 4,423,045
Changes of assumptions... ........................ - (571,241) (571,241)
Difference between projected and actual earnings, net........ - (886,255) (886,255)
Changes in proportionate share of contributions ............... 212,147 (893,183) (681,036)
Total Deferred Outflows/(Inflows) of Resources ................ $ 4,635,192 $ (2,350,679) $ 2,284,513
The Town's deferred outflows/ (inflows) of resources related to pensions will be recognized in pension expense as
follows:
Deferred
Years ended June 30: Outflows/(Inflows)
2019 ................................................... $ 1,418,843
2020 .............................. .... .......... 1,101,150
2021 ................................................... 161,148
2022 ....... .......... .......................... (396,628)
Total ............................................. $ 2,284,513
Investment policy
The pension plan's policy in, regard to the allocation of invested assets is established and may be amended by the
Board. Plan assets are managed on a total return basis with a long-term objective of achieving and maintaining a
fully funded status for the benefits provided through the pension plan.
The long-term expected rate of return on pension plan investments was determined using a building-block method
in which best -estimate ranges of expected future real rates of return (expected returns, net of pension plan
investment expense and inflation) are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return by weighting the expected future real rates of return by the target
asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for
each major asset class included in the pension plan's target asset allocation as of January 1, 2018 are
summarized in the following table:
Target; Long -Term Expected
Asset Class Allocation Real Rate of Return
Equity........ 46.5% 7.9%
Fixed Income ... ........ :...... 24.5% 4.6%
Private Equity... - 8.5% 10.5%
Real estate... ..:::..... : 75% 6.5%
Hedge Funds .......s:.... , 5.0% 5.9%
Infrastructure 5.0% 7.6%
Timber......, ................ 3.0% 7.5%
100.00%
Town of Mansfield, Massachusetts 65 Comprehensive Annual Financial Report
Notes to Basic Financial Statements
Year Ended June 30 2C
Actuarial Assumptions
The total pension liability in the January
1, 2018 actuarial valuation was determined using the following actuaria
assumptions, applied to all periods included in the measurement that was updated to December 31, 2017:
Valuation date ..................................
January 1, 2018
Actuarialcost method .......................
Entry Age Normal Cost Method.
Amortization method .........................
Level percent, open group.
Remaining amortization period..... .........
11 years.
Asset valuation method ........................
Market value.
Investment rate of return/Discount rate...
7.75%
Inflation rate ... ........ ...................
4.00%
Projected salary increases ....................
Service Rate
0-1 5.50%
2 4.00%
3-4 3.50%
5-7 3.00%
8+ 2.75%
Cost of living adjustments .....................
3.0% of the lesser of the pension amount and $18,000 per year.
Rates of retirement....... .. ...............
Varies based upon age for general employees, police, and fire
employees
Rates of disability ... ................ .......
For general employees 35% of all disabilities are ordinary (65% are
service connected). For police and fire employees, 5% of all disabilities
are assumed to be ordinary (95% are service connected).
Mortality Rates ...................................
Pre -Retirement - RP -2014 Blue Collar Mortality Table with Scale
MP -2014, fully generational.
Health Retiree - Group 1 & 2 retirees are represented by the RP -2000
Mortality Table set forward five years for males and 3 years for f
females, fully generational. Group 4 retirees are represented by
the RP -2000 Mortality Table set forward three years for males and
six years for females, fully generational. "
Disabled Retiree - Group 1 & 2 disabled retirees are represented by the
RP -2000 Mortality Table set forward six years. Group 4 disabled
retirees are represented by the RP -2000 Mortality Table set forward'
two years. Generational adjusting is based on Scale MP -2014.
Town of Mansfield, Massachusetts
66 Comprehensive Annual Financial Rep(
Notes to Basic Financial Statements Year Ended June 30 2018
t '
t Rate of return
R For the year ended December 31, 2017„the annual money -weighted rate of return on pension plan investments,
net of pension plan investment expense, was 15.65%. The money -weighted rate of return expresses investment
performance, net of investment expense, adjusted for the changing amounts actually invested.
1
! Discount rate
I The discount rate used to measure the total pension liability was 7.75%. The projection of cash flows used to
I determine the discount rate assumed plan member contributions will be made at the current contribution rate and
that contributions will be made at rates equal to the actuarially determined contribution rated. Based on those
assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future
I benefit, payments of current plan members. Therefore, the long-term expected rate of return on pension plan
! investments was applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the net pension liability to changes in the discount rate
I
The following presents the net pension liability, calculated using the discount rate of 7.75%, as well as what the
net pension liability would be if it were calculated using a discount rate that is 1 -percentage -point lower (6.75%) or
I 1 -percentage -point higher (8.75%) than the current rate:
1
I Current
I% Decrease Discount 1 % Increase
I (6.75%) (7.75%) (8.75%)
1
The Town's proportionate share of the
net pension liability ........................... $ 47,383,297 $ 34,914,400 $' 24,411,782
i
Changes of Assumptions — None.
Changes of Plan Provisions — None.
NOTE 12 — POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS
Plan Description — The Town of Mansfield administers a single -employer defined benefit healthcare plan ("the
Retiree Health Plan"). The plan provides health, dental and life insurance for eligible retirees and their spouses
through a single -employer defined Other Postemployment Benefit (OPEB) plan. Chapter 32B of the MGL assigns
authority to establish and amend benefit provisions of the plan. Benefit provisions are negotiated between the
Town and the unions representing Town employees and are renegotiated each bargaining period. The Retiree
Health Plan does not issue a publicly available financial report.
Funding Policy— The contribution requirements of plan members and the Town are established and may be
amended by the Town. The required contribution is based on a pay-as-you-go financing requirement. Retired
plan members and beneficiaries currently receiving benefits are required to contribute 25% of the cost medical
benefits and 50% of the cost of dental and life benefits provided depending. The Town is required to contribute
the balance of the current premiums and may contribute additional amounts to pre -fund benefits. For 2018, the
Town's age-adjusted contribution to the plan totaled $3.7 million. For the year ended June 30, 2018, the Town's
average contribution rate was 7.06% of covered -employee payroll.
Town of Mansfield, Massachusetts 67 Comprehensive Annual Financial Report
o an onlo Notes to Basic Financial: Statements Year Ended June 30. 2018
The Commonwealth of Massachusetts passed special legislation that has allowed the Town to esl
postemployment benefit trust fund and to enable the Town to raise taxes necessary to begin pre -f
liabilities. During 2018, the Town pre -funded future OPEB liabilities totaling $752,000 by contribut
Other Postemployment Benefit Fund in excess of the pay-as-you-go required contribution. These
reported within the Fiduciary Funds financial statements. As of June 30, 2018, the balance of this
$5.8 million.
GASB Statement #74 — OPEB Plan Financial Reporting
Measurement Date — GASB #74 requires the net OPEB liability to be measured as of the OPEB PIs
recent fiscal year-end. Accordingly, the net OPEB liability was measured as of June 30; 2018, and
OPEBliability used to calculate the net OPEB liability was determined by an actuarial valuation as i
t
m Employees Covered by Benefit Terms —The following table represents the Plan's membership at Ji
' Current retirees, beneficiaries, and dependents.......... 522
Current active members .......................................... 763
Total....................................................... ......... 1,285
Components of OPEB Liability— The following table represents the components of the I
June 30, 2018:
Total OPEB liability .................................................$
Less: OPEB plan's fiduciary net position .....................
Net OPEB liability ............................ .................. $ 91,369;-
The OPEB plan's fiduciary net position
as a percentage of the total OPEB liability .................. 5.i
Significant Actuarial Methods and Assumptions - The total OPEB liability in the July 1, 2016 actuarial'valw
was determined by using the following actuarial assumptions actuarial, applied to all periods including the
measurement date that was updated to June 30,"2018 to be in accordance with GASB #74`
Valuation date ........................ July 1, 2016
Actuarial cost method ................ Individual Entry Age Normal
Asset valuation method.............. Market value of assets as of the reporting date, June 30, 2018.
Investment rate of return............ 6.82%, net of OPEB plan investment expense, including inflation.
Single equivalent discount rate.... 5.00%, net of OPEB plan investment expense, including inflation.
using a blend of the Municipal Bond Index Rate for unfunded penods
and the Investment' Rate of Return for funded periods, based on
GASB No.74 Implementation Guide Exposure Draft; IG ED 4.136:
Inflation. ................................. 2.75% as of June 30, 2018 and for future periods.
Salary increases ..................... 3.00% annually as of June 30, 2018 and for future periods.
Town of Mansfield, Massachusetts 68 Comprehensive Annual Financial Ref
Healthcare trends rate... ......... 5.00%
Pre -Retirement mortality ........ r RP -2000 Employees Mortality Table projected generationally with
scale BB and a base year 2009 for males and females.
Post -Retirement mortality ........ RP -2000 Healthy Annuitant Mortality Table projected generationally
with scale BB and a base year 2009 for males and females.
Disabled mortality....' ..... ......... RP -2000 Healthy Annuitant Table projected generationally with scale
BB and a base year 2012 for males and females.
Rate of return — For the year ended June 30, 2018, the annual money -weighted rate of return on investments, net
of investment expense, was 4.97%. The money -weighted rate of return expresses investment performance, net
of investment expense, adjusted for the changing amounts actually invested.
Investment Policy
The Town's policy in regard to the allocation of invested assets is established and many be amended by the 1
Select Board by a majority vote of its members. The OPEB plan's assets are managed on a total return basis
with a long-term objective of achieving and maintaining a fully funded status for the benefits provided through the
OPEB plan: The long-term real rate of return on OPEB investments was determined using the Town's investment
policy.
The long-term expected rate of return on OPEB plan investments was determined using: a building-block method
in which best -estimate ranges of expected future real rate of returns (expected returns, net of pension plan
investment expense and inflation) are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return of by weighting the expected future real rates of return by the target
asset allocation percentage and by adding expected inflation. The Plan's expected future net real rate of return of
4.07% is added to the expected inflation of 2.75% to produce the long-term expected nominal rate of return of
6.82"%. Best estimates of geometric real rates of return for each major asset class included in the OPEB plan's
target asset allocation as of June 30, 2018 are summarized in the following table:
Long -Term
Long -Term
Expected
Expected Real
Asset Class
Asset Allocation
Rate of Return`
Domestic Equity - Large Cap.. ............
21.00%
4.00%
Domestic Equity-Small/Mid Cap ..............
10.50%
6.00%
International Equity- Developed Markets...
10.75%
"4.50%
International Equity- Emerging Markets...._
5.50%
7.00%
Domestic Fixed Income ...........................
25.75%
2.00%
International Fixed Income..:.. ............
6.50%
3.00%
Alternatives .......... ........`: ..............
19.50%
6.50%
Real Estate ............... ..... ............
0.00%
6.25%
Cash ................... ......... .......... _
0:50%
0.00%
Total. .............: ..............................
100.00%
Discount rate — The discount rate used to measure the total OPEB liability was 5.00% as of June 30, 2018, and
5.50% as of June 30, 2017. The discount rate is a blend of the long-term expected rate of return on OPEB trust
Fund assets and a yield or index rate using the S&P Municipal Bond 20 — Year High Grade Rate Index (3.45% for
2018 and 3.13% for 2017).
Town of Mansfield, Massachusetts 69
Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended June 3
Sensitivity of the Net OPEB Liability to changes in the discount rate — The following table presents the net c
postemployment benefit liability, calculated using the discount rate of 5.00%, as well as what the net other-
postemployment benefit liability would be if it were calculated using a discount rate that is 1 -percentage -poi
lower (4.00%) or 1 -percentage -point higher (6.00%) than the current rate.
Current
1% Decrease Discount Rate 1% Increase
(4.00%) (5.00%) (6.00%)
Net OPEB liability ..................... ........: $ 107,978,237 $ 91,369,407 $ 78,049,510
Sensitivity of the Net OPEB Liability to changes in the healthcare trend — The following table presents the n
other postemployment benefit liability, calculated using the current healthcare trend rate of 5.00%, as well
the net other postemployment benefit liability would be if it were calculated using'a healthcare trend rate ft
percentage -point lower (4.00%) or 1 -percentage -point higher (6.00%).
1 % Decrease Current Trend 1 % Increase
(4.00%) (5.00%) (6.00%)
Net OPEB liability......... ........... ............. $ 72,064,599 $ 91,369407 $ 116,296,216
Changes of Assumptions -- The discount rate was reduced to 5.00%; it was previously 5.50%x.
Changes in Plan Provisions— None.
GASB Statement #75 - OPES Employer Financial Reporting
Summary of Significant Accounting Policies - For purposes of measuring the net OPEB liability, deferre
of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about
fiduciary net position of the Plan and additions to/deductions from the Plan's fiduciary net position have
determined on the same basis as they are reported by the Plan. For this purpose, the Plan recognizes +l
payments when due and payable in accordance with the benefit terms. Investments are reported at fair
except for money market investments and participating interest-earning investment contracts (repurcha
agreements) that have a maturity at the time of purchase of one year or less, which are reported at cost
Measurement Date — GASB Statement #75 requires the net OPER liability to be measured as of a date no earliel
than the end of the employer's prior fiscal year and no later than the end of the employer's current fiscal year,
consistently applied from period to period. Accordingly, the net OPEB liability was measured as of June 30, 201
and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as o
July 1, 2016.
Plan Membership — The following tab
Current retire(
Current activE
Total..........':
its the Plan's membership at June 30, 2017:
iaries, and dependents........... 522
.....;? .):.......................... 763
I ..... 1,285
Significant Actuarial Methods and Assumptions— The total OPEB liability in the July 1, 2016, actuarial valuai
was determined using the following actuarial assumptions, applied to all periods included in the measuremei
unless otherwise specified, that was updated to June 30, 2017, to be in accordance with GASB Statement #'
Town of Mansfield, Massachusetts 70 Comprehensive Annual Financial R
ial Statements
Valuation date ......... ...... :..........
Actuarial cost method.. . ....................
Asset valuation method. ..................
Investment rate of return ............::..
Municipal bond rate., ...........................
Single equivalent discount rate........,.:::..
Inflation rate ......................................
Salary increases.... .. ... ......
Healthcare trend rate....... . ...................
Pre -Retirement mortality ......................
Post -Retirement mortality .....................
Disabled mortality ..........................
Investment Policy
NUII�X
Actuarially determined contribution for fiscal year ending
June 30, 2017 was calculated as of July 1, 2016.
Individual Entry Age Normal.
Market value as of the measurement date, July 1, 2017.
6.82%, net of OPEB plan investment expense, including
inflation.
3.13% as of July 1, 2017 (source: S&P Municipal Bond 20 -
Year High Grade Index - SAPIHG)
4.75%, net of OPEB plan investment expense, including
inflation.
2.75% as of July 1, 2017 and for future periods.
3.00% annually as of July 1 2017 and for future periods.
5.00%
RP -2000 Employees Mortality Table projected generationally
with scale BB and a base year 2009 for males and females.
RP -2000 Healthy Annuitant Mortality Table projected
generationally with scale BB and a base year 2009 for males
and females.
RP -2000 Healthy Annuitant Table projected generationally
with scale BB and a base year 2012 for males and females.
nregard to the allocation of invested assets is established and many be amended by the
najority vote of its members. The OPEB plan's assets are managed on a total return basis
jective of achieving and maintaining a fully funded status for the benefits provided through the
ig-term real rate of return on OPEB investments was determined using the Town's investment
The long-term expected rate of return on OPEB plan investments was determined using a building-block method
in which best -estimate ranges of expected future real rate of returns (expected returns, net of pension plan
investment expense and inflation) are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return of by weighting the expected future real rates of return by the target
asset allocation percentage and by adding expected inflation. The Plan's expected future real rate of return of
4.07%is added to the expected inflation of 2.75% to produce the long-term expected nominal rate of return of
6.82%. Best estimates of geometric real rates of return for each major asset class included in the OPEB plan's
target asset allocation as of June 30, 2017 are summarized in the following table:
eport' Town of Mansfield, Massachusetts 71
iI
Comprehensive Annual Financial Report
a
Long -Term Long -Term
Expected Expected Real
Asset Class Asset Allocation Rate of Return
Domestic Equity - Large Cap .................. 21.00% 4.00%
Domestic Equity - Small/Mid Cap ............... 10.50% 6.00%
International Equity - Developed Markets;.... 10.75% 4.50%
International Equity - Emerging Markets.... 5.50% 7.00%
Domestic Fixed Income............:.... 25.75% 2.00%'
International Fixed Income ..................... 6.50% 3.00%
Alternatives ........................................... 19.50% 6.50%
Real Estate .......................................... 0.00% 6.25%;
Cash .......................... 0.50% 0.00%
Total ........... 100.00%
Discount rate — The discount rate used to measure the total OPEB liability was 4.75% as of June 30, 2017,
increase from the 4.00% discount rate that was used as of June 30, 2016. The projection of cash flows uses
determine the discount rate assumed that contributions will be made in accordance with the Plan's funding p
Based on those assumptions, the OPEB plan's fiduciary net position was projected to be insufficient to make
projected benefit payments to current plan members. Therefore, the long-term expected rate of return on thi
OPEB plan assets was applied to periods of projected future benefits payments and a yield or index rate for
year, tax exempt general obligation municipal bonds with an average rate of AA/Aa'or higher.
Changes in the Net OPEB Liability
Increase (Decrease)
Balances at June 30, 2017....
Town of Mansfield, i
Fiduciary ;;
Total OPER
Net Position
Liability
(b)
(a)
Balances at June 30, 2016 ...........
$ 91,841,324
Changes for the year:
-
Service cost...... .. ...........
3,002,173
Interest ...... ......... `.... .......
4,438,554
Contributions - employer.......
... -
Net investment income ..........
(2,833,368)
Benefit payments .......................
(2,833,368)
Net change. .. .......................
"4,607,359
Balances at June 30, 2017....
Town of Mansfield, i
Fiduciary ;;
Net OPER'
Net Position
Liability
(b)
" (a) - (b)
3,783,314 $
88,058,0(
-
3,002,1'
4,438,5:
3,499,303
" (3,499,3(
344,225
(344;2;
(2,833,368)
1,010,160
$ 4,793,474 $
Comprehensive Annual
3,597,199
91,655,209
Notes to Basic Financial -Statements Year Ended June 30 2018
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate- The following table presents the net other
postemployment benefit liability, calculated using the discount rate of 4.75%, as well as what the net other
postemployment benefit liability would be if it were calculated using a discount rate that is 1 -percentage -point
lower (3.75%) or 1 -percentage -point higher (5.75%) than the current discount rate.
Current
1 % Decrease Discount Rate 1 % Increase
(3.75%) (4.75%) (5.75%)
Net OPEB liability... ........... $ 108,593,472 $ 91,655,209 $ 78,193,558
Sensitivity of the Net OPER Liability to Changes in the Healthcare Cost Trend Rates — The following table
presents the net other postemployment benefit liability, calculated using the current healthcare trend rate of 5.0%,
as well as what the net other postemployment benefit liability would be if it were calculated using a healthcare
trend rate that is 1 -percentage -point lower or 1 -percentage -point higher.
1% Decrease Current Trend 1%Increase
(4.00%) (5.00%) (6.00%)
Net OPEB liability ................................. $ 72,123,853 $ 91,655,209 $ 116,984,074
OPEB Expense and Deferred Outflows of Resources Related to OPEB — For the year ended June 30, 2018 the
Town recognized OPEB expense of $4,263,134 and reported deferred outflows of resources related to OPEB
from the following sources:
Deferred
Outflows of
Deferred Category Resources
Contributions made subsequent to the measurement date...... .... $ 3,736,308
Amounts reported as deferred outflows of resources related to OPEB will be recognized in OPEB expense in
fiscal year 2019..`
— None.
ions — None.
POSTCLOSURE CARE COSTS
State and Federal laws and regulations require the Town to perform certain maintenance and monitoring
functions at the landfill site after closure. The Town has closed the landfill and has recorded its estimated
postclosure care costs to be $136,000 which has been recorded as a governmental activity liability at June 30,
2018.Actual costs may be higher or lower due to inflation and deflation, changes in technology or changes in
regulations.
Town of Mansfield, Massachusetts
73 Comprehensive Annual Financial Report
51
NOTE 14 — COMMITMENTS AND CONTINGENCIES
Commitments
The Town is committed to completing the East Street Municipal Complex, various road and bridge work projet
and building improvements that will be funded with long-term debt totaling $15.1 million.
The Mansfield Municipal Electric Department is involved in legal proceedings and claims arising in the normal
course of business. In the opinion of management and legal counsel, Mansfield Municipal Electric Departmer
liability, if any, would not materially affect its financial condition or results of operations.
Through its membership in MMWEC, the Department is contingently liable on various projects in which
participate as detailed below.
MMWEC has issued separate issues of revenue bonds for each of its eight Projects, which are payable
from, and secured solely by, the revenues derived from the Project to which the bonds relate, plus avail
pledged under MMWEC's Amended and Restated General Bond Resolution (GBR) with respect to the rl
that Project. The MMWEC revenues derived from each Project are used solely to provide for the paym
bonds of any bond issue relating to such Project and to pay MMWEC's cost of owning and operating su
and are not used to provide for the payment of the bonds of any bond issue relating to any other Projec
MMWEC operates the Stony, Brook Intermediate Project and the Stony Brook Peaking Project, both fossil -fu(
power plants. MMWEC has a 3.7% interest in the W.F. Wyman Unit No. 4 plant, which is operated and own(
its majority owner, FPL Energy Wyman IV, LLC, a subsidiary of NextEra Energy Resources LLC; and a 4.80/c
ownership interest in the Millstone Unit 3 nuclear unit, operated by Dominion Nuclear Connecticut, Inc. (DNC
the majority owner and an indirect subsidiary of Dominion Resources, Inc. DNCI also owns and operates the
Millstone Unit 2 nuclear unit. The operating license for the Millstone Unit 3 nuclear unit extends to Novemoe,
2045.
A substantial portion of MMWEC's plant investment and financing program is an 11`.6% ownership interest in
Seabrook Station nuclear generating unit operated by NextEra Energy Seabrook, LLC (NextEra Seabrook) tt
majority owner and an indirect subsidiary of NextEra Energy Resources LLC. The operating license for Seat
Station extends to March 15, 2030. NextEra Seabrook has submitted an application to extend the Seabrook
Station operating license for an additional 20years.
Pursuant to the PSAs, the MMWEC Seabrook' and Millstone Project Participants are liable for their proportioni
share of the costs associated with decommissioning the plants, which costs are being funded through monthly
Project billings. Also, the Project Participants are liable for their proportionate share of the uninsured costs of
nuclear incident that might be imposed under the Price -Anderson Act (Act). Originally enacted in 1957, the Ai
has been renewed several times. In July 2005, as part of the Energy Policy Act of 2005, Congress extended' l
Act until the end of 2025.
Mansfield Municipal Electric Dep
and PPAs, the Department is rec
Department revenues. Under thi
MMWEC whether or not the Proj
interruption of the output of the P
MMWEC is involved in
claims will not have a i
Town of Mansfield,
;As and PPAs with MMWEC Under both the PSi
ents to MMWEC payable solely from Municipal Li
unconditionally obligated to make payments due l
sting and notwithstanding the suspension or
of management, the outcome of such litigation or
it position of the company.
Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended June 30. 2018
After the July 1, 2018 principal payment, total capital expenditures amounted to $1,499,468,000, of which
$90,010,000 represents the amount associated with the Department's Project Capability. MMWEC's debt
outstanding for the Projects from Power Supply System Revenue Bonds totals $10,680,000, of which $681,000 is
associated with the Department's share of Project Capability. After the July 1, 2018 principal payment, MMWEC's
total future debt service requirement on outstanding bonds issued for the Projects is $7,959,000, of which
$676,000 is anticipated to be billed to the Department in the future.
The aggregate amount of Mansfield Municipal Electric Department's required payments under the PSAs and
PPAs, exclusive of the Reserve and Contingency Fund billings, to MMWEC at June 30, 2018 and estimated for
future years is shown below:
Years
Ending Estimated
June 30, Annual Costs
2019...* ..................... $ 676,000
dition, under the PSAs, the Department is required to pay to MMWEC its share of the Operation
tenance (O&M) costs of the Projects in which it participates. The Department's total O&M costs
service under the PSAs were $5,464,000 and $8,146,000 for the years ended June 30, 2018 an
icipates in a number of federal award programs. Although the grant programs ha%
with the provisions of the Title 2 U. S. Code of Federal Regulations Part 200, Unifc
Requirements, Cost Principles, and Audit Requirements for Federal Awards throu
ograms are still subject to financial and compliance audits. The amount, if any, of
disallowed by the granting agencies cannot be determined at this time, although it
1, to be immaterial.
and
cueu euul
rctions and claims are pending against the Town. Litigation is subject to many uncertainties, and
f individual litigated matters is not always predictable. Although the amount of liability, if any, at
, cannot be ascertained, management believes any resulting liability should not materially affect the
on at June 30, 2018.
Massachusetts 75 Comprehensive Annual Financial Report
Notes to Basic Financial Statements Year Ended June 30, 2018 W"7177 —Notes to Basic Financial Statements Year Ended June 3O 2_018
NOTE 15 — REVISION OF PREVIOUSLY REPORTED NET POSITION The following GASB pronouncements will be implemented in the future:
The Town implemented GASB Statement No.75 during 2018 which resulted in the revision of net position The GASB issued Statement #83, Certain Asset Retirement Obligations, which is required to be
previously reported in governmental and enterprise funds. These revisions included reporting the Net OPEB implemented in 2019.
liability and deferred outflows of resources related to OPEB at the beginning of the period. The following table
details the effect of the net position revisions- • The GASB issued Statement #84, Fiduciary Activities, which is required to be implemented in 2019.
06130/2017 The GASB issued Statement #87, Leases, which is required to be implemented in 2021.
Previously 06/30/2017
Reported Implementation Revised • The GASB issued Statement #88, Certain Disclosures Related to Debt, including Direct Borrowings and
Balances of GASB #75 Balances Direct Placements, which is required to be implemented in 2019.
Government -Wide Financial Statements • The GASB issued Statement #89, Accounting for Interest Cost Incurred before the End of a Construction
Governmental activities .................................. $ 8,107,747 $ (36,911,912) $ (28,804,165) Period, which is required to be implemented in 2021.
Business -type activities ..... ........................... 93,952,458 (4,102,721) 89,849,737
• The GASB issued Statement #96, Majority Equity Interests — an amendment of GASB Statements #14
Total ....................................................... $ 102,060,205 $ 41,014,633) $ 61,045,572 and #61, which is required to be implemented in 2020.
Business -type Activities - Enterprise Funds Management is currently assessing the impact the implementation of these pronouncements will have on the
Water enterprise fund .................................... 22,036,654 $ (993,620) 21,043,034 basic financial statements.
Sewer enterprise fund .................................... 9,806,938 (1,430,977) 8,375,961
Airport enterprise fund ...... ............... ... 8,502,635 8,502,635
Parking enterprise fund .................................. 732,325 (34,573) 697,752
Electric enterprise fund ..... ...... ......... ............ 52,873,906 (1,643,551) 51,230,355
Total ........................................................... $ 93,952,458 (4,102,721) $ 89,849,737
NOTE 17 — SUBSEQUENT EVENTS
Management has evaluated subsequent events through December 17, 2018 which is the date the financial
statements were available to be issued.
NOTE 18 — IMPLEMENTATION OF NEW GASB PRONOUNCEMENTS
During 2018, the following GASB pronouncements were implemented:
•
GASB Statement #75, Accounting and Financial Reporting for Postemployment Benefits Other Than
Pensions. The basic financial statements, related notes and required supplementary information were
updated to be in compliance with this pronouncement.
• GASB Statement #81, Irrevocable Split -Interest Agreements. This pronouncement did not impact the
basic financial statements.
• GASB Statement #85, Omnibus 2017. This pronouncement did not impact the basic financial statements
• GASB Statement #86, Certain Debt Extinguishment Issues. This pronouncement did not impact the basic
financial statements.
Town of Mansfield, Massachusetts 76 Comprehensive Annual Financial Report Town of Mansfield, Massachusetts 77 Comprehensive Annual Financial Report
Required Supplementary ►nformat
Town of Mansfield,
Massachusetts 78 Comprehensive Annual Financial Report
General Fund
Budgetary Comparison
Schedule
The General Fund is the general operating fund of the Town. It is used to account for all of the Town's financial
resources, except those required to be accounted for in another fund.
Town of Mansfield, Massachusetts
79 Comprehensive Annual Financial Report
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDrfURES AND CHANGES IN FUND BALANCE -
BUDGETANDACTUAL -
REVENUES:
Real estate and personal property taxes
net of tax ref d .. ... .. .........
Tax Zaps..... ... .... .. ...........
Motor vehicle and other excise taxes...... ......... --......
Hotel/motel tax, .... ........
Meals tax ..... . .........
Pamela s and interest on taxes.. ...... ..... .--...
.
Fees and rentals- ......... ...__.. .. .................
Payments inlieu oft ... ... .. ...
I-Icenses and Peimlt .. .__. .. ............ ._.
Fines and mrfedures ._........ _ .._......
Intergovernmental -- . ..........
Special assessments .... ...........
Investment income_ ...... . ............
Msceilaneous ............ _...._ .. _.........
TOTAL REVENUES ..... .................
EXPENDITURES'
Current
General Government
Selectmen
Other Expenses......... ...............
Town Manager
Personal Sery ces........
Total' ... _.... .. ._...........
Finance Comm ttee
Other Expenses . .. ..........
Ra,usrva Fund _._...
Total.- ..... ....- ........ .... ...........
Treasurer/Collector
Personal Salvoes. ..........
Other Expenses ... .. ..............
Finance -Accountant
Personal Services .. ...
Other Exp .... ...
Total .......... ......
Finanw- Assessors
Personal Services . . ......
...
Other Expenses- ........... --
Add . .
.Adidas . ........ ... ..
'BudgetedAmounts-
258,031
243,733
14,298
...... 39,684
49,584
47,237
Actual
Amounts
Variance
Original
Final
Budgetary
Carred F.mcm!
to Final
Budget
Budget
Amounts
To Next Year
Budget
61,307,183 $
61,307,183 $
61,244,099 $
- $
(63084)
-
-
582,997
-
582997
3,710,000
3,710,000
3,645,365
-
(64635)
326,000
326,000
285,360
-
(40640)
469,000
469,000
4]2,0]9
-
3079
196,000
198,000
189,725
-
(6275)
1,212,000
1,212,000
1,424,]2]
-
212]2]
655,199
655,199
655,625
-
426
730,000
730,000
1,393,184
-
663184
80,000
80,000
91,621
-
11,621
23,528,893
23,528,893
23.301617
-
(22]2]6)
1,300
1,300
1,317
-
17
160,000
160,000
434,390
-
274,890
605
-
4],]61
Total.... ...... ............ ...........
47,761
92,3]],575
92,3]],575
93,]69,86]
1927
1,392292
86,200
86,200
80,878
1'5322
270,180
291,180
288,835
32
2345
132,800
300,900
206079
::94821
402,980
592,080
494914
10,000
1:97166
2,500
2,500
280
Other Expenses _ ....... ......._.
12,220
375,000
120,450
-
2,600
':120450
3]],500
122,950
260
-
::122670
336,668
326,658
322,215
4453
100,100
100,100
90,335
1 500
08265
436,768
426,768
412,550
1,500.
12718
... _.. 259,531
258,031
243,733
14,298
...... 39,684
49,584
47,237
-2347
...... 309,315
307,615
290,970 -
26,645
._.... 134,156
137,656
137,326 -
330
...... 38,480
38,480
30,698 -
7 5K
...... 80,000
80,000
80,000
Budgeted
Total . ...... .. .......
252,635
256,136
168,224 80,000 7912
Personnel
SCHEDULE OF
REVENUES, EXPENDITURES AND CHANGES
Personal Servbes
45,270
20,270
- - 20,270
Other Expenses
29,250
29,359
27,054 2,305.
Total......... .. ..... ..__.
74,520
49,629
27,054 - 22575
Finance - Management Information Systems
Budgeted
Personal senlcas........
272,963
272,963
262,598 - 10,365
Other Expenses....::.:.
292,206
292,206
217,765 28,654 45,787
Capital Odlay •--...:
12,700
12,700
12,230 - 470
Adicl ...
220,000
220,000
16,200 203,600
Total
]9],889
797,869
508,793 232,454 56,622
Town Clerk
Budget
Conservation
personalS news
179,335
181,635
180,353 - 1,402
Other Expenses
29,250
49,250
47,329 1,921
Total
208,585
231,085
227,682 - 3,403
3,390
2,223
-
(Continued)
Town of Mansfield, Massachusetts
80
67,694
Comprehensive Annual Financial Report
GENERALFUND
SCHEDULE OF
REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE -
SUDGETANDACTUAL
YEAR ENDED JUNE 30, 2018
Budgeted
Amounts
Actual
Amounts
Variance
anginal
Final
Budget.,
Coniad Forward
t0 Final
Budget
Budget
Amounts
To Next Year
Budget
Conservation
Pemonal Services . .............
......... 64,054
64,304
64,054
-
250
Other Expenses. ......... ...........
3,390
3,390
2,223
-
1,167
Total-.-....._ ........_.._......_..
67,444
67,694
66,2]]
-
1,417
Planning Board
Personal service,--........ ...................
.... 114,173
116,473
116,391
-
82
Other Expenses ... .... ......_......
...... .. 11550
11550
605
-
945
Total.... ...... ............ ...........
115,723
118,023
115,996
-
1927
Zoning Board of Appeals
Other Expenses.............. ..........
...._. 401
401
32
-
369
Boards/Comm trees
Personal Servic .. .............. ..........
10,000
10,000
3,001
-
6,999
Other Expenses _ ....... ......._.
5,600
5,600
31000
-
2,600
Total----.-..... ........... ..........
...... 15,600
15,600
6,001
-
9,599
Public Buildings
Personal Servic ......_....._............._.
250,487
250,487
240,79
-
9,708
Other Expenses. ... ..........
359,785
414,892
408,523
6,151
166
Capital Outlay.. ..... _........
_.._... 117,000
117,000
66,681
-
50,319
Ad des._ ..............................................
941,483
941,483
155,940
785,543
Total ...... .............
_--- 1,668,755
1,723,862
671,923
791,724
60,215
Total General Government.. _........
4,814,296
4,795,912
3,272.574
1 10567
417660
Public Safety:'
Police
Personal Services ............ ............
4,035562
4,035,562
3,833,003
-
202,559
Other Expenses .. ...__..._...
_....... 579,627
579,827
504,446
35,495
39,686
Capital Outlay....................... ..... ........
_. 205,897
205,897
182,867
15,009
8,021
Artl s :::..: .... . . . .._.... .............
130,000
130,000
129,999
1
T tall .1:.:.... .........
_. 4,951,086
4,951,086
4,650,315
50,504
250287
Bra
Personal Senibas ............... ...........
3,742940
3,742,940
3,639,442
-
103.498
Other Expenses .........._........._.
275,158
275,158
213,926
-
61,232
Galahad Outlay.-.. .. ..... _.___......
6'360
64,360
21924
43,336
T.Iel . . ::::.1 ..... ... . ...__....
_. 4,082,458
4,082,458
3,874,392
208,065
.'Emergency Medical Services
Personal Services ................... .............
523,746
523,746
485,969
-
37,777
Other Expenses.............. ..... .----
........ 139,555
139,555
126,952
-
12,603
Capital Outlay... ....................
2,587
2,587
2,490
-
97
Total ':....... ...............
....... 665,888
665,888
615,411
-
50,4]]
Dispatchers
Personal Saryi.,. _.......__..........
]22,]94
722,794
631,446
-
91,348
Other Expanses............ ............. ............
27,420
27,420
15,900
-
11520
Capital Outlay-........ ..... .............. _.........
3,000
3,000
3,000
-
-
`.Total- ...... ._..................... _..... ...........
753,214
753,214
650,346
-
102,858
Y Regulatory & Inspection
Personal servme ... ...............
344,499
344,499
342,478
-
2,021
Other Expansaa... .._ .. _...... ..__.....
- 14,752
14,752
6,269
-
8,483
Capital OWL."_ .....................
-
-
-
T tall ................ .............. --..................
359,251
359,251
348,747
-
10,504
Emergency Management
Personal Services................ ..... .......
......... 4,496
4,498
4,498
-
-
Other Expenses..... ..... . ........... ...........
48,000
48,000
29,794
-
18,206
Capital Outlay, ............._ -... ....--
5,000
5,000
-
-
5,000
Total .__.............. ..... ---- .... .-.......
57,498
57,498
34,292
-
23,205
Total Public Safety .....-...._.............
10,869,395
10,869,395
10,173,503
50,504
645,388
Education:
Mansfield Public Sch I ................_............
49,749,704
49,]49,]05
48,922,795
382,968
443,942
Town Expenditures for Educatan......... ..._.......
53,000
53,000
53,000
-
-
Artdes ........... .............. _............
1,616,628
2,553,629
522,015
2,031,440
174
Total., ..__..._...........
51,421,332
52,356,234
49,497,810
2,414,408
44'116
Southeastern Regional Vocational School
Other Expenses. ..._.__._............
814.639
814,639
814,639
-
-
Total Education ... ........... ....
_._ 52,235,971
53,1]0,9]3
50,312,449
2,414,408
444,116
(Continued)
Town of Mansfield, Massachusetts
81
Comprehensive Annual Financial Report
GENERAL FUND
SCHEDULE OF REVENUES, EXPENUTURES AND CHANGES IN FUND BALANCE -
BUDGETANDACTUAL
YEAR ENDED JUNE 30, 2018
GENERA -FUND
Budgeted Amounts
SCHEDULE
OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE
Actual
BUDGETANDACTUM
Variance
Original
Final
Budgetary
YEAR ENDED JUNE 30.2018
to Thal
Budget
Budget
Budgeted
Amounts
Budget
InsurancelEir loyee Benefits
Actual
Amounts
Variance
894,961
Original
Foal
Budgetary
Carred Forward
to Fir l
15,113,895
Budget
Budget
Arromms
To Next Year
Budget
Public Works:
15,92],]53
46895
34,208
State and County Assessments. ._....... _......
2O 619
Engineering
1,950,829
-
98,043
Debt Service
Addes .. ....... ....
.. _. _..... 15,789
15,789
-
15,789
-
DPW-Administrati0n
3,182,655
-
-
Interest .......... ......... .. _... _. _.._...
1,492,240
Fare onal Services..... ..................
237,658
242,658
242,500
-
156
Other Expenses ........ ............_........
1,976,715
1,9]6,]15
1,9]0,]18
-
5,997
Amides ........... . _
............... 95,000
98,000
-
98,000.
Total ........... ...................
2,312,373
2,31],3]3
2,213,218
98,000
6,155
DPW -Highway
734,151
(3,914,023)
3,317,101
OTHER FINANCING SOURCES (USES)'
Personal Services......
............... 966,498
939,498
933,055
-
6443
Other Expenses ........ .. .....................
932,834
1,023,114
1,022,470
642
2
Capital Outlay-...
........... 20,500
20,500
15,546
4,954
842,970
Articles. ...... ........... .._...
_..........._ 274.455
274,456
172,302
102,153
1
Tot.L . ............ _..
._. _.._._ 2,194,288
2,257,568
2,143,373
107,749
R46
DPW - Snow & Ice
SOURCES (USES) ............................
5,165,144
Other Expenses ........ ...................
389,440
774.518
]]2,236
NET CHANGE IN FUND BALANCE ......... _..............
=2282
Total Public Works.._...............
_. _........_ 4,911,890
5,365,248
5,128,827
221.538
14,883
Human Services:
8,974,463
BUDGETARY FUND BALANCE, End of year- ............
$ 8,974,463 $
Health
$ 9,5]1,599 $
(3914023)
$.. (3316887)
See notes to required supplementary information.
Personal Services....... ..._._.....__.
82,067
82,187
82,095
Town of Mansfield, Massachusetts
92
Other Expenses ....... . .
......._..... 39,538
39,538
38,409
1,129
Total ...._..__ .. _.
...... 121,625
121,725
120,504
-1,221
Right To Know
Personal Services.. _..............
.......... .... 3,000
3,000
-
3,000
Senior Cith9ens
Personal Services.--- _. .... ..........
328,304
321,304
282,163
:39,141
Orman Expenses ....... .... ...
_......... 53,384
53,384
42,671
10,713
Total ........ _........ ..
.............. 381,685
374,688
324,834
49,854
Veterans
Personal Services ...... ..................
61,888
64,368
63,460
-
908
Other Expenses- --... .
._. _..... _. 210,450
160,450
152,274
8176
Total ..... .............
........__ 272,318
224,818
215,734
-.'9,084
Bacot Services
Personal SeMaes...........................
....._... ]],614
84,614
67,514
17,100
Other Expenses .....- . ...............
935
935
427
508
Total ..........
......... 76,549
85,549
67,941
17608
Municipal Building Commil
Other Expanses .. .........................
...... 750
750
-
750
Total Human Services:..
857,930
810,530
729,013
81517
Culture and Remotion-.
Library
PersonsIServices.:_:
635,368
635,368
578,753
-
56,615
Other Expenses
273.567
2]3,56]
2]3,56]
Total
908,935
908,935
852,320
-
56,615
Palls & Recreafion
Personal Services...:::
84,982
86,982
85,355
-
1627
Other Expenses...,.:::..
19,900
19,900
17,479
-
2,421
.... 205,000
205,000
136000
75,000
-
Total .._
309,852
311,882
232,834
75,000
4,048
Historical Comnme.it
Other Exports . .
1,300
1,300
622
678
Ahs Cultural Council
Offie,apers as ............ - ........................
2,750
2,750
2.750
Total Culture and Recreation
1222,867
1,224,867
1086526
75,000
61.341
(Continued)
Town of Mansfield,'' Massachusetts
82
Comprehensive Annual
Financial Report
GENERAL FUND
SCHEDULE OF REVENUES, EXPENUTURES AND CHANGES IN FUND BALANCE -
BUDGETANDACTUAL
YEAR ENDED JUNE 30, 2018
Budgeted Amounts
Actual
Amounts
Variance
Original
Final
Budgetary
Carred Forward
to Thal
Budget
Budget
Amounts
To Next Year
Budget
InsurancelEir loyee Benefits
Town Insurance .......... ......_....
;53,600
894,961
860,753
-
34,208
Employee Benefits `......... ............
14 960256
15,113,895
15,06],000
46,895
-
Total mannincteEmployee Benefits-..........
15,913,556
16,008,856
15,92],]53
46895
34,208
State and County Assessments. ._....... _......
2O 619
2,048,8]2
1,950,829
-
98,043
Debt Service
Pnncpal ...... .. .. .. ...... .............
3,182,655
3182,655
3,182,655
-
-
Interest .......... ......... .. _... _. _.._...
1,492,240
1,397,240
1,259,58]
-
127,653
Total....._._..... ... . _......... ..............
4,674,895
4,579,895
4,452,242
-
127,653
TOTAL EXPENDITURES ........... ..........
9],545,]19
98,874,546
93,035,716
3,914,023
192009
EXCESS (DEFICIENCY) OF REVENUES
OVER(UNDER)EXPENDITURES......... .......... _......
(5168,144)
(8496973)
734,151
(3,914,023)
3,317,101
OTHER FINANCING SOURCES (USES)'
Use of poor year reserves. ............ _.......
3,073,871
3,073,877
-
-
(3,073,877).
Use ffine cash ........................ .............
2,103,102
3,727,678
-
(3727678)..
Tumsfers in ...... ............. . ...........
842,970
842,970
1,010,537
-
167,567
Transfers aut- . ........... ........._.__................
(851 605)
(1,147,552)
(1,147.552)
-
TOTAL OTHER FINANCING
SOURCES (USES) ............................
5,165,144
6496973
(137,015)
-
(6633988)
NET CHANGE IN FUND BALANCE ......... _..............
-
-
597,135
(3914023)
(3316887)
BUDGETARY FUND BALANCE, Beginning ofyear__...
8,974.463
8,974,463
8,974,463
BUDGETARY FUND BALANCE, End of year- ............
$ 8,974,463 $
8,974,463
$ 9,5]1,599 $
(3914023)
$.. (3316887)
See notes to required supplementary information.
(Computed)
Town of Mansfield, Massachusetts
83
Comprehensive Annual Financial Report
Pension Plan Schedules
The Schedule of the Town's Proportionate Share of the Net Pension Liability presents multi-year trend
on the Town's net pension liability and related ratios.
The Schedule of Contributions presents multi-year trend information on the Town's required and actual
contributions to the pension plan and related ratios.
The Schedule of the Special Funding Amounts of the Net Pension Liability for the Massachusetts Teachers
Contributory Retirement System presents multi-year trend information on the liability and expense assumed
the Commonwealth of Massachusetts on behalf of the Town along with related ratios.
These schedules are intended to present information for ten years. Until a ten year trend is compiled, inforr
is presented for those years for which information is available.
December 31. 2017........
December 31. 2016........
December 31, 2015........
...SCHEDULE OF THE TOWN'S PROPORTIONATE SHARE
OF THE NET PENSION LIABILITY
BRISTOL COUNTY CONTRIBUTORY RETIREMENT SYSTEM
11.189%
11.189%
December 31, 2014 ......... 12.833°b
37,355,381
37,644,374
36,667,016
Covered
payroll
$ 21,254,745
20,390,681
20,056,126
18,207,233
Net pension
liability as a
percentage of
covered
payroll
164.27%
183.20%
187.70%
201.39%
Note: this schedule is intended to present information for 10 years.
Until a 10 -year trend is compiled, information is presented for those years for which information is available.
See notes to required supplementary information.
Town of Mansfield, Massachusetts 84 Comprehensive Annual Financial Report Town of Mansfield, Massachusetts 85
Plan fiduciary
net position as
a percentage of
the total
pension liability
68.56%
64.17%
62.95%
67.11%
Comprehensive Annual Financial Report
I
Proportionate
Proportion of
share of the
the net pension
(.. net pension
liability (asset)
liability (asset)
.. ..1.1.189%.. $..
34,914,400
11.189%
11.189%
December 31, 2014 ......... 12.833°b
37,355,381
37,644,374
36,667,016
Covered
payroll
$ 21,254,745
20,390,681
20,056,126
18,207,233
Net pension
liability as a
percentage of
covered
payroll
164.27%
183.20%
187.70%
201.39%
Note: this schedule is intended to present information for 10 years.
Until a 10 -year trend is compiled, information is presented for those years for which information is available.
See notes to required supplementary information.
Town of Mansfield, Massachusetts 84 Comprehensive Annual Financial Report Town of Mansfield, Massachusetts 85
Plan fiduciary
net position as
a percentage of
the total
pension liability
68.56%
64.17%
62.95%
67.11%
Comprehensive Annual Financial Report
I
June 30, 2018..... ....... $
June 30, 2017 ...............
June 30, 2016........ ....
June 30, 2015 .............
SCHEDULE OF THE TOWN'S CONTRIBUTIONS
OL COUNTY CONTRIBUTORY RETIREMENT SYSTEM
Actuarially
determined
contribution
4,212,838 $
4,429,042
4,037,340
3,802,886
Contributions in
relation to the
actuarially.
determined
contribution
(4,212,838) $
(4,429,042)
(4,037,340)
(3,802,886)
Contribution a percen
deficiency Covered coves
(excess) payroll pays
Note: this schedule is intended to present information for 10 years.
Until a 10 -year trend is compiled, information is presented for those years for which information is available.
See notes to required supplementary information.
Town of Mansfield, Massachusetts 86
21,254,745 19.82%
20,390,681 21.72%
20,056,126 20.13%'.
18,207,233 2089%
Comprehensive Annual
SCHEDULE OF THE SPECIAL FUNDING AMOUNTS
OF THE NET PENSION LIABILITY
The Commonwealth of Massachusetts is a nonemployer contributor and is required by statute to make all
actuarially determined employer contributions on behalf of the member employers which creates a special
funding situation. Therefore, there is no net pension liability to recognize. This schedule discloses the
Commonwealth's 100% share of the associated collective net pension liability; the portion of the collective
pension expense as both a revenue and pension expense recognized; and the Plan's fiduciary net position as
a percentage of the total liability.
Until a 10 -year trend is compiled, information is presented for those years for which information is available.
See notes to required supplementary information.
Town of Mansfield, Massachusetts 87
Comprehensive Annual Financial Report ,
Expense and
Commonwealth's
Revenue
Plan Fiduciary Net
•100% Share of the ,
Recognized for the
Position as a
Associated Net
Commonwealth's
Percentage of the
Year
Pension Liability
Support
Total Liability
2018. ...............................
$ 108,285,175 $
11,302,039
54.25%
2017...... ...l f ..:.......
........ .... 103,560,316
10,563,831
52.73%
2016...: ............................
98,974,373
8,027,703
55.38%
2015..;. .......
............... 74,443,153
5,171,923
61.64%
Note: this schedule is intended to present information for 10 years.
Until a 10 -year trend is compiled, information is presented for those years for which information is available.
See notes to required supplementary information.
Town of Mansfield, Massachusetts 87
Comprehensive Annual Financial Report ,
Other Postemployment Benefits Plan
Schedules
The Schedule of Changes in the Town's Net Other Postemployment Benefit Liability and Related Ratios prese
multi-year trend information on changes in the Plan's total OPEB liability, changes in the Plan's net position, a
ending net OPEB liability. It also demonstrates the Plan's net position as a percentage of the total liability and
Plan's net other postemployment benefit liability as a percentage of covered employee payroll.
The Schedule of the Town's Contributions presents multi-year trend information on the Town's actual
contributions to the other postemployment benefit plan and related ratios.
The Schedule of Investment Return presents multi-year trend information on the money -weighted investment r
return on the Plan's other postemployment assets, net of investment expense.
Town of Mansfield, Massachusetts 88
Comprehensive Annual Financial
SCHEDULE OF CHANGES IN THE
TOWN'S NET OPEB LIABILITY AND RELATED RATIOS
OTHER POSTEMPLOYMENT BENEFIT PLAN
841 324
June 30,
June 30,
2017"
2018
Total OPEB Liability
Total OPEB liability - ending(a) ...............................
$
Service Cost .......... ........................................ $
3,002,173 $
2,961,867
Interest .................................................. .....
4,438,554
4,732,890
Changes of benefit terms ............... ....... ...........
-
-
Differences between expected and actual experience...
Employer contributions ........................... ........
6,234,155
Changes of assumptions ........................................
$
(10,221,823)
Benefit payments ...................................................
(2,833,368)
(2,983,873)
Net change in total OPEB liability .............................
4,607,359
723,216
Total OPEB liability - be innin
91
g 9 ..... ............... ..... I...
I I
96,448,683
Total OPEB liability - ending(a) ...............................
$
96,448,683
$
97,171,899
Plan fiduciary net position
Employer contributions ........................... ........
$
665,935
$
752,435'
Employer contributions for OPEB payments ..............
2,833,368
2,983,8731
Net investment income ...................... .........
344,225
256,583'
Benefit payments .................. .................. ...
(2,833,368)
(2,983,873)
Net change in plan fiduciary net position......... .........
1,010,160
1,009,018
Plan fiduciary net position - beginning of year .............
3,783,314
4,793,474
Plan fiduciary net position - end of year (b) ....................
$
4,793,474
$
5,802,492
Net OPEB liability - ending (a) -(b) ..............................
$
91,655,209
$
91,369,407
Plan fiduciary net position as a percentage of the
total OPEB liability ................... .................
4.97%
5.97%
Covered -employee payroll ............................. ..........
$
51,379,504
$
52,920,889
Net OPEB liability as a percentage of
covered -employee payroll........... ..............
178.39%
172.65%
Note: this schedule is intended to present information for
10 years.
Until a 10 -year trend is compiled; information is presented for those years for
which information is available.
See notes to required supplementary information.
Town of Mansfield, Massachusetts 89
Comprehensive Annual Financial Report
SCHEDULE OF
June 30, 2018 ................ $ 8,006,970 $ (3,736,308) $ 4,270,662 $ 52,920,889
June 30 2017— ............ 7,552,718 (3,499,303) 4,053,415 51,379,504
Note: this schedule is intended to present information for 10 years.
Until a 10 -year trend is compiled, information is presented for those years for which information is available
See notes to required supplementary information.
Comprehensive Annual
SCHEDULE OF INVESTMENT RETURNS
OTHER POSTEMPLOYMENT BENEFIT PLAN
Annual money -weighted
rate of retum,
Year net of investment expense
June; 30, 2018.. .......... 4.97%
June 30, 2017.: 8.36%
Note: this schedule is intended to present information for 10 years.
Until a 10 -year trend is compiled, information is presented for those
years for which information is available.
See notes to required supplementary information.
Town of Mansfield, Massachusetts 91
Comprehensive Annual Financial Report
Contributions in
relation to the
Con
Actuarially
actuarially
Contribution
a PE
determined
determined
deficiency
Covered- r
Year contribution
contribution
(excess)
employee payroll empl
June 30, 2018 ................ $ 8,006,970 $ (3,736,308) $ 4,270,662 $ 52,920,889
June 30 2017— ............ 7,552,718 (3,499,303) 4,053,415 51,379,504
Note: this schedule is intended to present information for 10 years.
Until a 10 -year trend is compiled, information is presented for those years for which information is available
See notes to required supplementary information.
Comprehensive Annual
SCHEDULE OF INVESTMENT RETURNS
OTHER POSTEMPLOYMENT BENEFIT PLAN
Annual money -weighted
rate of retum,
Year net of investment expense
June; 30, 2018.. .......... 4.97%
June 30, 2017.: 8.36%
Note: this schedule is intended to present information for 10 years.
Until a 10 -year trend is compiled, information is presented for those
years for which information is available.
See notes to required supplementary information.
Town of Mansfield, Massachusetts 91
Comprehensive Annual Financial Report
Notes to Required Supplementary Information Year Ended June 30 2(
NOTE A — STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Budgetary Information
Municipal Law requires the adoption of a balanced budget that is approved by Town Meeting. The Town
Manager presents an annual budget to Town Meeting, which includes estimates of revenues and other fin
sources and recommendations of expenditures and other financing uses. Town Meeting adopts the exper
budget by majority vote.
Increases or transfers between departments subsequent to the approval of the annual budget, requires mi
Town Meeting approval via a Special Town Meeting.
The majority of the Town's appropriations are non -continuing which lapse at the end of each year. Others
continuing appropriations for which the governing body has authorized that an unspent balance from a pri{
be carried forward and made available for spending in the current year.
Generally, expenditures may not exceed the legal level of spending (salaries, expenses and articles) authi
for an appropriation account. However, the payment of debt service is statutorily required, regardless of %
such amounts are appropriated. Additionally, expenditures for disasters, natural or otherwise, and final jut
may exceed the level of spending authorized by majority vote of Town Meeting.
The original 2018 approved budget for the General Fund authorized $95.3 million in appropriations and otl
amounts to be raised, as well as $3.1 million of encumbrances and continuing appropriations carried forwE
the prior year. During 2018 Town meeting authorized $1.6 million of supplemental appropriations includin
$935,000 for education related capital articles, as well as $385,000 to fund snow & ice costs.
The Finance Director/Town Accountant has the responsibility to ensure that budgetary control isimaintaine
Budgetary control is exercised through the accounting system.
B. Budgetary - GAAP Reconciliation
For budgetary financial reporting purposes, the Uniform Municipal Accounting System basis of accounting
(established by the Commonwealth) is followed, which differs from the GAAP basis of accounting. A
reconciliation of budgetary -basis to GAAP -basis results for the general fund for the year ended June 30, 2i
presented below:
Net change in fund balance - budgetary basis .................... $ 597,136
Perspective differences:
Activity of the stabilization fund recorded in the
general fund for GAAP... ............................... 319,613
Basis of accounting differences:
Net change in r
Recognition of
Recognition of i
Net change in fui
Town of Mansfield,
ceipts .......................... (145,287)
calf payments.. ................ 11,302,039
n -behalf payments..........., (11,302,039)
basis .. ....................... $ 771,462
92 Comprehensive Annual F
Notes to Required Supplementary Information Y ar Ended J me 30 2018
NOTE B — PENSION PLAN'
Schedule of the Town's Proportionate Share of the Net Pension Liability
The Schedule of the Town's Proportionate Share of the Net Pension Liability details the Town's allocated
percentage of the net pension liability (asset), the Town's proportionate share of the net pension liability, and the
Town's covered payroll. It also demonstrates the Town's net position as a percentage of the Town's pension
liability and the Town's net pension liability as a percentage of the Town's covered payroll.
Schedule of Town's Contributions
Governmental employers are required to pay an annual appropriation as established by PERAC. The Town's
appropriation includes the amounts to pay the pension portion of each member's retirement allowance, an amount
to amortize the actuarially determined unfunded liability to zero in accordance with the system's funding schedule,
and additional appropriations in accordance with adopted early retirement incentive programs. The Town's
appropriations are payable on July 1 and January 1. The Town may choose to pay the entire appropriation in July
at a discounted rate. Accordingly, actual Town contributions may be less than the "total appropriation".The
pension fund appropriation is allocated to the Town based on covered payroll.
Schedule of the Special Fundinq Amounts of the Net Pension Liabilities
The Commonwealth`` of Massachusetts is a nonemployer contributor and is required by statute to make all
actuarially determined employer contributions on behalf of the member employers which create a special funding
situation; Since the Town does not contribute directly to MTRS, there is no net pension liability to recognize. This
schedule discloses the Commonwealth's 100% share of the collective net pension liability that is associated with
the Town; the portion of the collective pension expense as both revenue and pension expense recognized by the
Town; and the Plan's fiduciary net position as a percentage of the total liability.
Changes of Assumptions
None.
Changes of Plan Provisions
NOTE C — OTHER POSTEMPLOYMENT BENEFITS
The Town administers a single -employer defined benefit healthcare plan ("The Retiree Health Plan"). The plan
provides lifetime healthcare, dental and life insurance for eligible retirees and their spouses through the Town's
group health insurance plan, which covers both active and retired members, including teachers.
The Other Postemployment Benefit Plan
Schedule of Changes in the Town's Net Other Postemployment Benefit Liability and Related Ratios
The Schedule of Changes in the Town's Net Other Postemployment Benefit Liability and Related Ratios presents
multi-year trend information on changes in the Plan's total OPEB liability, changes in the Plan's net position, and
ending net OPEB liability. It also demonstrates the Plan's net position as a percentage of the total liability and the
Plan's net other postemployment benefit liability as a percentage of covered employee payroll.
Town of Mansfield, Massachusetts 93 Comprehensive Annual Financial Report
Schedule of the Town's Contributions
The Schedule of the Town's Contributions includes the Town's annual required contribution to the Plan, along
with the contributions made in relation to the actuarially determined contribution and the covered employee
payroll. The Town is not required to fully fund this contribution. It also demonstrates the contributions as a
percentage of covered employee payroll. Actuarially contribution rates are calculated as of June 30 two years
prior to the end of the fiscal year in which contributions are reported. Methods and assumptions used to
determine contribution rates are as follows:
Actuarial Assumptions:
Valuation date .......................... July 1, 2016
Actuarial cost method ................ Individual Entry Age Normal
Asset valuation method .............. Market value of assets as of the reporting date, June 30, 2018.
Investment rate of return............ 6.82%, net of OPEB plan investment expense, including inflation.
Single equivalent discount rate.... 5.00%, net of OPEB plan investment expense, including inflation.
Using a blend of the Municipal Bond Index Rate for unfunded periods'
and the Investment Rate of Return for funded periods, based on
GASB No.74 Implementation Guide Exposure Draft; IG ED 4.136.
Inflation .................. 2.75% as of June 30, 2018 and for future periods.
Salary increases ....................... 3.00% annually as of June 30, 2018 and for future periods.
Healthcare trends rate ............... 5.00%
Pre -Retirement mortality ............. RP -2000 Employees Mortality Table projected generationally with
scale BB and a base year 2009 for males and females.
Post -Retirement mortality........... RP -2000 Healthy Annuitant Mortality Table projected generationally
with scale BB and a base year 2009 for males and females.
Schedule of Investment Return
The Schedule of Investment Return includes the money -weighted investment return on the Plan's other
postemployment assets, net of investment expense.
Changes of Assumptions
The discount rate was reduced to 5
Changes in Plan Provisions
None.
Town of Mansfield,
previously 5.50%.
94 Comprehensive Annual Financial Report
Supplementary In
Town of Mansfield, Massachusetts
95 Comprehensive Annual Financial Report
Combining and Individual Fund
Statements
The combining and individual fund financial statements provide a more detailed view of the "Basic Financial
Statements" presented in the preceding subsection.
Combining statements are presented when there are more than one fund of a given fund type.
Town of Mansfield, Massachusetts 96'
Comprehensive Annual Financial Report
Nonmajor Governmental Funds
Special Revenue Funds
Special revenue funds are used to account for the proceeds of specific revenue sources (other than permanent
funds or capital project funds) that are restricted by law or administrative action to expenditures for specified
purposes.
Federal Grants — this fund is used to account for grant funds received from the Federal government, which are
designated for specific programs.
State Grants — this fund is used to account for grant funds received from the State government, which are
designated for specific programs.
Receipts Reserved — this fund is used to account for proceeds that are earmarked for by law and placed in this
fund, subject to appropriation for specific purposes.
Revolving Funds— this fund is used to account for revenues from a specific service that may be used'i
the service.
Special Revolving — this fund is used to account for departmental services that are funded from relatec
that must be Ye -authorized each year at annual town meeting.
School Lunch — this fund is used to account for all cafeteria activities and is funded from user charges,
and state grants, and commodities received.
Gifts & Donations — this fund is used to account for proceeds that are donated to the Town for specific purposes.
Other -this fund is used to account for other special revenue funds.
I Projects Funds are used to account for financial resources to be used for the acquisition,construction or
,ement of major capital' assets (other than those financed by enterprise funds). Such resources are derived
ally from proceeds of general obligation bonds and grants.
Highway Improvements — this fund is used to account for roadway improvement projects to be funded through
reimbursements received from the Commonwealth's Chapter 90 program.
Permanent Funds
Permanent funds are used to report resources that are legally restricted to the extent that only earnings, not
principal, may be used for purposes that support governmental programs.
Trust funds — this fund is used to account for contributions and bequests in which earnings may be expended for
cemetery, school, library, and council on aging purposes.
Town of Mansfield, Massachusetts 97
Comprehensive Annual Financial Report 11
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2018
Revenue Funds
Federal State Receipts Revolving Sj
Grants Grants Reserved FundsRe
ASSETS
Cash and cash equivalents ........... . $ 367,681 $ 1,417,876 $ 28,260 $ 3,352,707 $ 6!
Investments... ........... - - -
Receivables, net of uncollectibles:
Departmental and other.. ............................ - - - .406,335
Intergovernmental ........ .... .... ......... 17,820 - - }-
TOTALASSETS.... ..... ..... .... ......... $ 385,501 $ 1,417,876 $ 28,260 $ 3759,042 $ 6;
LIABILITIES
Warrants payable.
Accrued payroll....
TOTAL LIABILITIES...
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue .... ...... ... .........
FUND BALANCES
No n s pendable..... ........................
Restricted..... ... .. .. .
$ 28,806 $ 80,407 $ - $ 53,971
29,586 669 - 99,496
58,392 81,076 - 153,4(
406,3;
327,109 1,336,800 28,260 3,199,2
TOTAL FUND BALANCES... .................... . .. 327,109 1,336,800 28,260 3,199,240 599;166
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES.... . '$ 385,501 $ 1,417,876 $ 28,260 $ 3,759,042 $ 656,687
Town of Mansfield, Massachusetts 98 Comprehensive Annual Financial Report
$ 1,742,934 $ 8,607,060 $ 1,136,293 $ 551,910 $ 10,295,263
Town of Mansfield, Massachusetts
99 Comprehensive Annual Financial Report
Capital:
Permanent
Project Funds
Funds
Total
Nonmajor
School
Gifts &
Highway
Trust
Governmental
Lunch
Donations
Other
Subtotal
Improvements
Funds
Funds
$ 68,936
$ 547,824
$ 929,048 $
7,369,019
$ - $
417,163
r
$ 7,786182.
-
-
813,886
813,886
-
134,747
948,633
-
-
-
406,335
-
-
I
406,335
-
-
17,820
1,136,293
-
1,154,113.
$ 68,936
$ 547,824.
$ 1,742,934 $
8,607,060
$ 1,136,293 $
551,910
$ 10 295,263
$ 6,813
$ 1,509
'$ 62,526 $
250,424
$ $
2,552
$ 252;976
814
--
-
171,694
-
---
171;694
7,627
1,509
62,526 '
422,118
2,552
424,670
-
-
-
406,335
1,136,293
-
1,542,628
-
-
-
-
-
132,409
132;409
61,309
' 546,315
1,680,408
7,778,607
-
416,949
8,195,556
61,309
546,315
1,680,408
7,778,607
-
549,358
8,327,965
i
I
$ 1,742,934 $ 8,607,060 $ 1,136,293 $ 551,910 $ 10,295,263
Town of Mansfield, Massachusetts
99 Comprehensive Annual Financial Report
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 2018
-
Special Revenue Funds
62,285
379,352
Federal
State
Receipts
Revolving
Special
56,713
Grants
Grants
Reserved
Funds
Revolving
REVENUES:
-
20,269
-
55,506
Charges for services....... .......................................
$ - $
-
$ -
$ 2,765,253
$ 572,834
Intergovernmental ... ........ ... ... ............
1,246,083
1,841,864
4,690
11,584
Departmental and other ............... ... .... ............
-
-
-
1,211 547
208,107 7
Contributions and donations ........ .........
......... -
-
Funds
-
-
Investment income ...... .... ........................................
1,339
2
$ - $
-
$ 3,958,291
TOTALREVENUES ........... .... .. ...
........ 1,247,422
1,841,866
4,690
3,988,384
780,941
EXPENDITURES:
473
-
216,507
1,636,634
-
Current:
1,636,634
-
207,415
-
207,415
General government..... ......... ... ..............
-
2,926
716
F 62,379
205,119
Public safety- .................................................... ...........
11,081
117,379
-
1;425943
531,027
Education .. ........................ .................._.
1,253,106
1,247,527
-
:2,372541
17,000
Public works... .. .. _. .............. ............................
.. -
37,258
-
30,949
Human services.. ..........................................................
-
35,237
-
Culture and recreation....................................................
-
75,170
-
178,408
TOTAL EXPENDITURES.............................................
1,264,187
1,515,497
716
3,891,812
931,554
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES ................... ..
.......... (16,765)
326,369
3,974
': 96,572
(150,613) '..
OTHER FINANCING SOURCES (USES).
Transfers in ......... ......... .. ................
-
-
-
Transfers out ......... .. ........ .......
......... -
-
(4,162)
(103,824)
(25489)
TOTAL OTHER FINANCING SOURCES (USES) ..........
... -
-
(4,162)
(103,824)
(25489)'.
NET CHANGE IN FUND BALANCES........ ... . ,........_...
(16,765)
326,369
(188)
(7252)
(176,102).:
FUND BALANCES AT BEGINNING OF YEAR ..........................
343,874
1,010,431
28,448
3,208492
775,268 '
FUND BALANCES AT END OF YEAR ...............
.,.. $ 327,109 $
1,336,800
$ 28,260
$ _ 3,199240
$ 599,166
Town of Mansfield, Massachusetts
100 >
Comprehensive
Annual Financial Report
166,804 546,156
- - 2,100,068
- - 5,877,902
572,263 - 744,612
- 120 55,626
- 700 338,536
572,263 167,624 9,662,900
(133,042) 153,350
202,920 502,920
(60,000) (313,488)
142,920 189,432
9,878 342,782
539,480 7,985,183
$ 549,358 $ 8,327,965
Comprehensive Annual Financial Report
-
45,927
62,285
379,352
-
4,062
Capital
Permanent
931,015
56,713
-
5,877,902
-
Project Funds
Funds
172,349
-
20,269
-
55,506
84,258
Total
337,836
931,015
315,371
72,861
8,923,013
(8,835)
Nonmajor
School
Gifts &
-
Highway
Trust
Governmental
Lunch
Donations
Other
Subtotal
Improvements
Funds
Funds
$ 630,204 $
- $
- $
3,968,291
$ - $
-
$ 3,958,291
291,111
-
-
3,395,332
572,263
-
3,967,595
473
-
216,507
1,636,634
-
-
1,636,634
-
207,415
-
207,415
-
4,634
212,049
392
-
-
1,733
29,948
31,681
922,180
207,415
216,507
9,209,405
572,263
34,582
9,816,250
166,804 546,156
- - 2,100,068
- - 5,877,902
572,263 - 744,612
- 120 55,626
- 700 338,536
572,263 167,624 9,662,900
(133,042) 153,350
202,920 502,920
(60,000) (313,488)
142,920 189,432
9,878 342,782
539,480 7,985,183
$ 549,358 $ 8,327,965
Comprehensive Annual Financial Report
-
45,927
62,285
379,352
-
4,062
10,576
2,100,088
931,015
56,713
-
5,877,902
-
104,142
-
172,349
-
20,269
-
55,506
84,258
337,836
931,015
315,371
72,861
8,923,013
(8,835)
(107,956)
143,646
286,392
-
300,000
300,000
(120,013)
(253,488)
179,987
46,512
(8,835)
(107,956)
323,633
332,904
70144
654,271
1,356,775
7,445,703
$ ,61,309 $
546,315 $
1,680,408 $
7,778,607 $
Town of Mansfield, Massachusetts
101
166,804 546,156
- - 2,100,068
- - 5,877,902
572,263 - 744,612
- 120 55,626
- 700 338,536
572,263 167,624 9,662,900
(133,042) 153,350
202,920 502,920
(60,000) (313,488)
142,920 189,432
9,878 342,782
539,480 7,985,183
$ 549,358 $ 8,327,965
Comprehensive Annual Financial Report
Agency Fund
The Agency Fund is used to account for assets held in a purely custodial capacity. The Town's Agency F'.
activity consists primarily of payroll withholdings, performance bonds, security deposits, as well as license
fees collected on behalf of the State.
Town of Mansfield,
Comprehensive Annual Financial Report
AGENCYFUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
YEAR ENDED JUNE 30, 2018
Town of Mansfield, Massachusetts 103 Comprehensive Annual Financial Report
June 30,
June 30,
2017
Additions
Deletions
2018
ASSETS
CURRENT:
Cash and cash equivalents ................................
$ 789,574 $
1,533,990
$ (1,572,689) $
750,875
LIABILITIES
Warrants payable .......... ............................
$ 40,815 $
115,903
$ (141,882) $
14,836
Liabilities due depositors ... ......
..... ......... 128,532
461,453
(459,045)
130,940
Other liabilities ............. .....
.... ......... 620,227
1,287,223
(1,302,351)
605,099
TOTAL LIABILITIES ........ ... .......
................... $ 789,574 $
1,864,579
$ (1,903,278) $
750,875
Town of Mansfield, Massachusetts 103 Comprehensive Annual Financial Report
This page intentionally left blank.
Town of Mansfield, Massachusetts I 104 Comprehensive Annual Financial Report
Statistical Section
ical tables differ from financial statements since they usually cover more than one fiscal year and
present non -accounting data. The following tables reflect social and economic data, financial
trends, and fiscal capacity.
i
Howard Fiske Memorial at the Mansfield Airport.
a
1
1
4
1
l
Statistical
: of the Town of Mansfield's comprehensive annual financial report presents detailed information as a
or understanding what the information in the financial statements, note disclosures, and required
entary information says about the Town's overall financial health.
: financial Trends
'hese schedules contain trend information to help the reader understandhow the Town's financial performance
find well -tieing have changed over time.
revenue Capacity
'hese' schedules contain information to help the reader assess the Town's most significant local revenue source,
ie property tax.
)ebt Capacity
hese schedules present information to help the reader assess the affordability of the Town's current levels of
utstanding debt and the Town's ability to issue additional debt in the future.
)emographic and Economic Information
hese schedules offer demographic and economic indicators to help the reader understand the environment
fithin which the Town's financial activities take place.
dules'contain service and infrastructure data to help the reader understand how the information in the
ncial report relates to the services the Town provides and the activities it performs.
SOURCES: Unless otherwise noted, the information in these schedules is derived from the audited financial
reports' for the relevant year or our Official Statements.
)wn of Mansfield, Massachusetts 105
Comprehensive Annual Financial Report
.. �.. 21645
Changes in Net Position
5]32.
351.E
a...0
3.130.94
-
486.240
Inandrems..... ..... ...... 41261a95
3979.715
404]2]9
`
36.323.516
it
3].843.]51
40.12619
3].994.593
ad
as.
y a
i➢10
8011
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2613
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ZH5
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uo
21118
(529]65]51 $
2,1.s5m
151..90.1 B
Zeal, ]5
sY
(fi9,502.9f51 E
2694¢3
I.Idn.3241 $
]83.831
(64.96,7191 S
648.437
(63.1]4113) $
7194]99
us u
�
ens¢ .... $ 5438083 $ (..50.) $ (98P]81901 $ (5394,]211 8 (5]69]46] $ 161395,5931 $ f...4 1.) $ C.a.al1 $ (66]g6V1 $ ®]F9655
518365]5 $
G odes¢ blacSVNea;
61351,]66
TazI ....:::..... ..........
246,046
164.032
1]1,70.
988,541
1.,835
9,en
Ge pavenn- t......... ............
$ 4,642681 $
4.762 5
4,30;623 $
4,]66248 $
d4. Ino $
5,85,42 b
4944.833 E
5125,285 $
5265290 $
1.1,]]1
Pahlm sabry ......
....... 114/3.15]
11,645,Ofii
11.449,8%
13861 314
14383,633
14.]64.595
1].525.5]4
19,480.111
i8 E84di6
16,988,859
Etl Lan .......... ...............
62865582
83,811,]14
53,164333
64,05]501
fi5,.365.
.,696.439
6]250196
N.296.616
]6,715,6.
ad
an
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5129,2.
5.,,a.
5860210
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829],]14
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1198,113
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1,11281]
11A.W9
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ne
1125036
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m.. and ra-auun .....
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1,92.296
134945]
1250,102
ad
I. .'...
1,989.284
1.6..%9
1592923
1]54823
InlereA ... _. ..........
1.40]590
110].5]3
05081
aa
ed
SZ]59.
559.131
55]164
590.86
11..931
ioblgmem...I aNvitles-an.- ...
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124.691
474.839
474428
Wffiv ........ ........
4:1.:.
3944,6]9
40,1.823
2820.129
3.852 f£9
42.691
4471311
39]5082
4,]23.551
442],866
.......... ..............
4.189,5]0
4835,361
4,691.5P
50]1,]1]
��
5081,918
5.0]3,565
4632]62
5445.866
i"
Amon .. ..... ....
Amon
an
ad
-
-
381,31]
441,02]
611 R]
'a�
ParWnp ........... .................
1.
..I.'e Gml11m'al on IN In¢aahm .....
-
-
694.431
as
as
ea
EIHas .......
_..... 31,iH 413
2a..2].802.660
474.441
20,226,]51
25,8]B.P23
25.]3/,92
23,5]0,399
2340),132
23..0, 913
21185,8.
OM w . ............
a.............
56
8.IX19
5924.
806662
659318
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942Yd
TL111
(1.6120)
13,84]
q
45557,662
3].951.
3].510908
isaa
35,665514
i
34,171,314
33.Op.3]O
aded
32067.151
Tool Pnmary gnuammeni mPervsss ..............
$ 129216048 5
de
125.260215 $ 127425459 $
1.111336 $
134.0]].241: $
134392714 S
133,51 $
148.25003 S
=jon
Program Revenues
ea
da
anen
6 nblV "`
$ (6312,].) S
Cas
4
4388.. $
I
(5.1®]5]) $
(4333.31]) S
(4126991 $
.-antra adBrNes:
�
(3328.891)
dusne¢sN Ns .... ....
I1ad 6%.
217449
U. s.:
121¢1.
R.TSI109
de
(13.43.663).
nwmaabrsemc
298.55/
3359.110
Tobl prlm ry9ovemmenl .... ......
S 1 149046 $
1145]91 $
3.8]3,d1f $
1461866 $
2492648 $
3]4]59 $
1176525361 $
Ganaral m enL...
..... $ 99022] $
489..5 $
951,381 b
add., $
451.395 S
SQ),665 S
439.49] S
359381 E
23]913 $
249.842
P hLc ekN
1,'35,.4
1931 Wt
1,.1429
1.]66.96
1..6,045
19%,1fi5
3,2009]5
3,6]6,5 9
36881.
6,300,558
EE
... 28]2.224
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3,135054
2.892631
2.1.BM
2813,915
3298,494
3p89,3R
6518139
3.229,.8
Puhlewous ....
... ]6,395
10.1,416
as
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ado
10286]
112]52
110,99.
112.95/
Human ..
.... Man
P341
nu Ed
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48,995
38595
3'315
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40412
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19],499
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on
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my vemmenl...
35541
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12.3.
7.823
a,55L
413609
3In,n
3224%
580,a6]
Publlc Sakti .......
..... 1]6.082
531651
195,41]
310,89
66, 8411
130,6]8
865]9
R,WS
141]0]
'6!,890
Etlmhon _.._ .........
2b,H318]4
26]3],18
29,041.5.
sm72
2),185311
26,323202
Yo.@4,457
29,.6,251
32211]6]
32, 0429.
Publl W u
29.59
25,395
Y2,1]5
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66.3
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47,332
133,063
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228,30]
]623]4
213.32]
224.]36.
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9474
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]2048
'18622
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..........
193392
6256
'Is C.
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VG ed,GovemmenG...
..... 128,372
P3,R15
P5,589
1056M
263,86
-
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.._ .111,59.421
do
1346,.4
8255
]99.136
682.644
I..n
1849659
Z.4349
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._..... 33.592145
35.902.321
35.711242
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33,94a.3S3
35.1659
35.aR5.E61
40301]69
43.621777
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3,9,1,592
9.328.99
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.. �.. 21645
Changes in Net Position
5]32.
351.E
a...0
3.130.94
-
486.240
Inandrems..... ..... ...... 41261a95
3979.715
404]2]9
Last Ten Years
36.323.516
36]]9.694
3].843.]51
40.12619
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36.063261
n-amas .. .. .. $ ]4.644.410 $
y a
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648.437
(63.1]4113) $
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1]0,214.565) $
3451632
(]3.]559851
3986,110
ens¢ .... $ 5438083 $ (..50.) $ (98P]81901 $ (5394,]211 8 (5]69]46] $ 161395,5931 $ f...4 1.) $ C.a.al1 $ (66]g6V1 $ ®]F9655
518365]5 $
G odes¢ blacSVNea;
61351,]66
TazI ....:::..... ..........
246,046
164.032
1]1,70.
988,541
1.,835
9,en
Ge pavenn- t......... ............
$ 4,642681 $
4.762 5
4,30;623 $
4,]66248 $
d4. Ino $
5,85,42 b
4944.833 E
5125,285 $
5265290 $
1.1,]]1
Pahlm sabry ......
....... 114/3.15]
11,645,Ofii
11.449,8%
13861 314
14383,633
14.]64.595
1].525.5]4
19,480.111
i8 E84di6
16,988,859
Etl Lan .......... ...............
62865582
83,811,]14
53,164333
64,05]501
fi5,.365.
.,696.439
6]250196
N.296.616
]6,715,6.
53,0 61,9.
Publmwrla ........
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5129,2.
5.,,a.
5860210
.6,.59]6
829],]14
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1125036
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m.. and ra-auun .....
..... 1.328,918
1,92.296
134945]
1250,102
.1.945.25
I. .'...
1,989.284
1.6..%9
1592923
1]54823
InlereA ... _. ..........
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6"..298
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559.131
55]164
590.86
11..931
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474.839
474428
Wffiv ........ ........
4:1.:.
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40,1.823
2820.129
3.852 f£9
42.691
4471311
39]5082
4,]23.551
442],866
.......... ..............
4.189,5]0
4835,361
4,691.5P
50]1,]1]
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Last Ten Years
Veer
8.0%
Residential
Value
Residential
Tax Rate
Commercial
Value
Industrial
Value
Personal
Property
Comllnd/Per
Value
Commercial
Tax Rate
Direct
Rate(7)
2009
- - -
$2,678,976,374
$12,01
$240,615,626
$435,839,800
$119,537,210
$795,992,636
$13.62
$12.38- $3
2010
$2,487,62D,328
$13.33
$240,702,672
$427,691,700
$118,768,810
$787,163,182
$15.33
$13.81:' $3,
2011
(1)
$2,357,532,386
$14.31
$243,287,674
$351,410,900
$111,857,430
$706,556,004
$18.27
$1522 $3,
2012
$2,347,976,731
$14.29
$254,869,369
$343,661,700
$132,913,980
$731,445,049
$18.50
$1529 $3,
2013
$2,331,032,387
$14.89
$256,749,813
$346,454,500
$152,636,540
$755,840,853
$19.33
$1598: $3,
2014
(1)
$2,305,372,792
$15.77
$249,072,208
$344,656,200
$138,949,932
$732,678,340
$2045
$1690 $3,
2015
$2,430,631,636
$15.50
$250,306,104
$344,394,100
$152,601890
$747,302,094
$20.75
$1674 $3
2016
$2,565,349,386
$15.41
$271,202,334
$351,543,700
$140,348,970
$763,095,004
$20.58
$1660 $3,
2017
(1)
$2,741,091,571
$15.02
$282,749,485
$397,561,100
$148,533,420
$828,844,005
$2008
$1619 $3.,
2018
$2,849,941,308
$15.57
$282,593,996
$394,706,600
$134,786,160
$812,086,756
$21.42
$1687 'I $3,
Total Assessed Value by Classification
Year Ended June 30, 2017
4%
77%
8%
Total Assessed Value by Classification
Year Ended June 30, 2018
3%
11%
Commercial Value as % of Total Value
9.0%
8.0%
7.0%d
6.0%
5.0%
4.0% -
3.0% -
- - -
2.0%
01.00%%
— 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
t) Weighted average direct tax rate, calculated as weighted average of residential, commercial and personal property lax rates.
ource: Assessor's Department, Town of Mansfield and Official Statements.
ill property in the Commonwealth of Massachusetts is assessed at 100% of fair cash value.
lots: Chapter 59, Section 21C of the Massachusetts General Laws, known as "Proposition 21/2", imposes 2 separate Iimfts on the
annual tae levy of the Town. The primary limitation is that the tax levy cannot exceed 2 112 percent of the full and fair cash value.
The secondary limitation is that the tax levy cannot exceed the maximum levy limit for the preceding year as determined by
the Slate Commissioner of Revenue by more than 2112 percent, subject to an exception for property added to the tax rolls and
for certain substantial valuation increases other than as part of a general revaluation. The secondary limit may be exceeded in any
year by a majority vote of the voters, however it cannot exceed the primary limitation..
own of Mansfield, Massachusetts 110 Comprehensive Annual Financial Rep
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Direct and Overlapping Governmental Activities Debt
As of June 30, 2018
Estimated
Share of
Debt Percentage Overlapping
etts Outstanding Applicable (1) Debt
Southeastern Regional Vocational Technical School ................ $ $4,810,000
MFN Regional Wastewater District ....................................... $12,155,377
.otal, overlapping debt.. .................. .
eral governmental debt ........ ............
n capital leases .................................
I Town direct debt ............ ............
... y ............. ...........
and overlapping debt ..................
5.50% $ 264,550
65.77% 7,994,591
........... I .... 8,259,141
................ 36,161,561
oc cec
.......... ........................ $
36
36
urce:.Official Statements
I) The Town obtains the debt outstanding and percentages directly from Southeastern Regional Vocational Technical'
School District and from the MFN Wastewater District.
te: Overlapping governments are those that coincide, at least in part, with geographic boundaries of the Town.
s schedule calculates the portion of the outstanding debt to those overlapping governments that is borne by the
This process recognizes that, when considering the government's ability to issue and repay
re debt burden borne by the property taxpayers should be taken into account. However, this
ry taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping
government.
of Mansfield, Massachusetts
Town
115 Comprehensive Annual Financial Report
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As of June 30, 2018
Estimated
Share of
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etts Outstanding Applicable (1) Debt
Southeastern Regional Vocational Technical School ................ $ $4,810,000
MFN Regional Wastewater District ....................................... $12,155,377
.otal, overlapping debt.. .................. .
eral governmental debt ........ ............
n capital leases .................................
I Town direct debt ............ ............
... y ............. ...........
and overlapping debt ..................
5.50% $ 264,550
65.77% 7,994,591
........... I .... 8,259,141
................ 36,161,561
oc cec
.......... ........................ $
36
36
urce:.Official Statements
I) The Town obtains the debt outstanding and percentages directly from Southeastern Regional Vocational Technical'
School District and from the MFN Wastewater District.
te: Overlapping governments are those that coincide, at least in part, with geographic boundaries of the Town.
s schedule calculates the portion of the outstanding debt to those overlapping governments that is borne by the
This process recognizes that, when considering the government's ability to issue and repay
re debt burden borne by the property taxpayers should be taken into account. However, this
ry taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping
government.
of Mansfield, Massachusetts
Town
115 Comprehensive Annual Financial Report
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Full-time Equivalent Town Employees by Function
Last Ten Years
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
c c
government. .. .......
30
27
26
25
25
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26
27
29
29
afety........... . ...
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9
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10
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and recreation ..........
13
11
14
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.......: ..........
774
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Full-time Equivalent Town Employees by Function
Last Ten Years
-own of Mansfield, Massachusetts 119 Comprehensive Annual Financial Report
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
government. .. .......
30
27
26
25
25
26
26
27
29
29
afety........... . ...
90
85
87
88
92
92
98
99
95
93
in......... ... .....
564
538
528
546
556
569
582
575
578
599
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44
43
41
41
38
36
36
38
40
44
........ ...........
22
22
22
22
21
21
21
21
21
21
Services ..........
11
11
10
9
9
9
9
10
10
10
and recreation ..........
13
11
14
14
14
14
14
14
14
13
.......: ..........
774
737
728
745
754
767
786
784
787
809
-own of Mansfield, Massachusetts 119 Comprehensive Annual Financial Report
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Comprehensive Annual Financial Report
For the year ended June 30, 2018
Kevin Dumas is sworn in as our new Town Manager by Ms. Marianne Staples
Mansfield Town Clerk.
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Town of Mansfield, Massachusetts
Comprehensive Annual Financial Report
For the year ended June 30, 2018
Kevin Dumas is sworn in as our new Town Manager by Ms. Marianne Staples
Mansfield Town Clerk.